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tdlawyer, Lawyer
Category: Family Law
Satisfied Customers: 1096
Experience:  Lawyer with 9 years experience of family law issues.
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I have inherited some money recently from my late sister who

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I have inherited some money recently from my late sister who left no will.i am wanting to give some decent amounts to both my daughters is there any restrictions stopping me.

From P.Dyson.

tdlawyer :

Hello, welcome to the website. My name isXXXXX can assist you with this.

tdlawyer :

There shouldn't be anything stopping you from giving a gift payment to your daughters from an inheritance if you wish to do so. Do you have anything in mind when you query whether there is a restriction?

Customer: I am looking at £30,000 to each daughter wondered if there is any tax implications?
tdlawyer :

IHT on the gift to you would be paid by the executor of the estate usually - has this not been done?

tdlawyer :

Or are you thinking of tax liability for you making a gift to your daughters?

tdlawyer :

There is the potential that your estate would be liable to pay Inheritance Tax if you died within 7 days of making the payment to your daughters; that assumes your estate is worth in excess of the relevant annual threshold when you die.

tdlawyer :

Are you there?

Customer: No inheritance tax has been paid as the total amount inherited is below the amount required.yes I'm just thinking of tax liabilities
Customer: forliabilities for gifts to my daughters.
tdlawyer :

There is no tax charge to them for receiving the money or for you for making the gift - you can do as you choose with your assets as you choose in that sense. The only liability to you would be upon death if you passed within the next 7 years and your estate was over the threshold value.

tdlawyer :

Is there anything else you would like me to answer?

Customer: I just thought there was some tax to pay if you made a payment of more than £8,000 to a person in a year.
tdlawyer :

No ... I've never heard of that!

tdlawyer :

If you want extra comfort, then you could always speak anonymously to HMRC on Monday using their general tax enquiry line: 0300(NNN) NNN-NNNN/p>

Customer: Thank you very much Tony for your advice.
tdlawyer :

You're welcome. Is there anything else I can help with?

tdlawyer :

Is there anything else, as I have to leave shortly?

Customer: No that's fine THANKYOU very much.

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