Inheritance tax on cash gift's

General Chat 💬
1

Yes I will get professional advice, but as a basic screening question can anyone assist?

In short, an elderly realtive has a total estate well below the Inheritance Tax threshold (which I believe is £325k).

Now lets say they gave a cash gift of £10-£15k and died soon after. (To a relative).

Are their any inheritance tax issues due to the 7 year rule in the case where the total estate is comfortably below the threshold?

Any other complications? (I understand it could be an issue for care costs if care was needed)

Any steer appreciated :grin:

2

As the estate is below the IHT threshold…you dont have to worry about any gifts (amounts or when gifted) or anything like that…

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3

Thank you. I did assume that was the case, but any advice I found online lacked that clairty. Does stand to reason though. Appreciated :blush:

4

slight caveat… if her estate has been under the IHT amount for a while with no major cash giveaways to reduce it to below the IHT limit then you will have no IHT liability…

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5

Thank you very much for your considered response.