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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13330
Experience:  Solicitor with more than 30 years experience
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My mother has sold her house to fund her staying in a nursing

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My mother has sold her house to fund her staying in a nursing home. She would like to give myself & my three sisters some money now. Her finances from the sale of the house, money currently in another bank account along with any shares she has amounts to approx. £260k. If she was say to give to each of us £2500.00 for example, what is the position re inheritance tax, would we be liable to pay tax if she was to die within say six months from the date these gifts were given.
No there would be no inheritance tax the amount invovled is well below any current threshold for the payment of tax which is £325,0000 and is going up. There are de minimis exception so you can give up to £3000 a year tax free but as the estate will not reach th limit you do not need to worry.
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