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The rules on gifts can be complex, but as far as Income Tax (IT) is concerned you escape liability. The Guardian advises:
'However, HM Revenue & Customs does not treat a gift of cash as income so you won't be charged income tax on the £50,000.'
However a Potentially Exempt Transfer (PET) will be created in your Father's Inheritance Tax Affairs (IHT). In certain circumstances PETs can be added back to the donor's estate on death and if the estate is insufficient to pay the IHT on the PET then the liability cascades down to the beneficiary for immediate payment.
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