Inheritance

[Mallaig]

If a person was left a sum of money but did not wish to accept it, could they reasign it to another party without incurring any tax liability?

[Clanad]

If you were in the U.S., I'd say accept the money and donate it all to a charity, thereby gaining the tax deduction and still not "accepting" the inheritance... Probably not valid for U.K. purposes...

[dzug]

They have no personal tax liability for it anyway, only a potential IHT liability on their estate should they not survive 7 years.

What circumstances have you in mind? There could be other advantages/disadvantages depending on what you are trying to achieve.

[themas]

By "left" do you mean money which the person is due to receive as a bequest under someone's Will? If so (assuming you are in the UK) the position is that a Deed of Variation can be completed within two years of the death under which a beneficiary foregoes the bequest in favour of a named alternative person or organisation (such as a charity). There is no tax liability (actual or potential) on the beneficiary who gives up the bequest in this way.

[Mallaig]

What is the position if the benficiary wishes to forego the bequest after a period of greater than 2 years after the death. Could it still be given or transferred to an alternative person. If so is there a liability on the receiving party.

[dzug]

You are free to give away anything you want - there is no liability on the receiving party.

There is a potential liability on the estate of the giver if he doesn't survive 7 years from the date of the gift.

For certain purposes (eg assessment for care home fees) the giver can still be regarded as in possession of assets he has given away.

But in none of these instances is there any liability on the receiving party - it's always the giver or his estate.