My mother and father are hoping to release some equity in thier property and give my brother an I a lump some in cash. I understand that if this is done as a PET then assuming they survive for 7 years then the amount given is not liable for Inheritance tax. That all sounds fine.
What I would like to know is will my brother and I be personally liable to pay any tax when we receive the lump sum, capital gains or income tax?
Any help would be much appreciated.
Thanks in advance.
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