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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 31924
Experience:  International tax
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I'm wanting to know the tax implications of making a

Customer Question

I'm wanting to know the tax implications of making a substantial money gift to a sibling.
JA: Have you talked to a tax professional about this?
Customer: Not yet
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: No
Submitted: 16 days ago.
Category: Tax
TaxRobin
Expert:  TaxRobin replied 16 days ago.

If you die within 7 years of the gift 

If the total value of gifts that are not exempt is more than the Inheritance Tax threshold (£325,00 in 2021-2026) tax will be due on all of the gifts that brought the total over the threshold.

Inheritance Tax is only due if the person who died gave away more than £325,000 in gifts in the 7 years before they died. In this situation, the person who gets a gift in these last 7 years will have to pay the Tax.


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Expert:  TaxRobin replied 16 days ago.

Taper relief works with the 7 year rule and can reduce the amount of Inheritance Tax you pay on gifts.

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