Hello and welcome to the site. Thank you for your question.I am another expert on this site and I am happy to help you with your question.Would you like me to proceed?Many thanks
Thank you for your reply.You state your mother's assets including this gift are exceedingly unlikely to exceed the threshold for inheritance tax, currently set at £325,000.You should be mindful of the fact that it is all gifts made within 7 sevens of death are added back and not just this gift of £130,000 to ascertain whether the estate has exceeded the threshold for IHT.If the net result is below the threshold then there is no tax payable on the gift.There is some useful information on gifts and IHT here
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Just, some clarification on gifts that would be added to assets in order to ascertain the estate worth are potentially exempt transfers and the gift of £130k would fall in this category.You would exclude tax free gifts that are listed on the link I provided in previous posting.Many thanks
Thank you very much for your help. Much appreciated.
Emma, thank you for your good words.
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