Hello,
just want to clarify whether there is any difference in the inheritance tax laws in the UK related to gifts, if that gift is coming from overseas?
I understand there is a £325k tax-free limit for inheritance and that any gift of £100,000 is tax free, but would reduce the £325 limit if giver (in this case, a parent) dies within 7 years. However, does this remain true if the gift giver (parent) is living in Canada? Or does it make a difference? The receiver, my wife (UK domiciled, working in UK) and myself (UK citizen) would receive the funds in our joint account.
Thanks
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