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The UK has no Gifts Tax Regime so a gift would come to you tax free. Just thank your lucky stars you don't live in France where the tax kicks in at 70% over 5k Euros!
The gift would create a Potentially Exempt Transfer (PET) in their Inheritance Tax (IHT) affairs. PETs run off at a taper over 7 years and in the event of a decease within this period would be added back to the estate for the IHT computation. PETs are the first to suffr IHT and if the estate is insufficient to meet the tax on the PET than the liability cascades down to the beneficiary for immediate payment. The classic defence against a PET is a reducing term life insurance policy.
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