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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4995
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Again, a final question from me re.

Resolved Question:

Hello again, a final question from me for now re. inheritance, etc. When does the 7 year rule commence with Inheritance Tax? My father-in-law died in Jan 2015, everything passed to his wife. She wants to give a property to me and my wife, but can't do
so until the probate process has finished. So can she backdate the gift to Jan 2015, or does the 7 year rule commence from the date the actual property title is registered to us? Many thanks
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..The seven year rule start date is "date of gift". If the property was gifted to you in Jan 2015 and it is taking time for the title deed to reflect it, provided you have something in writing that the property was gifted to you in Jan 2015 that document would suffice.I hope this is helpful.
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Customer: replied 1 year ago.
I wish my 2 accountants and solicitors had been able to answer things as concisely as this over the past year.I'll perhaps ask you another question or two in the future before the probate process has concluded, and thanks again for your time.
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
You reward of a generous bonus is appreciated.
If I can be of help in the future, you can always contact me her and ask for me in the body of your question.
Best wishes.