Money Gifts

[jw47]

If you inherit a substantial amount of money but under the Inheritance rate and you do not own your own property, can you gift more than the yearly £3000 or does the seven year survival clause still apply. The inheritance is 83 years old [Inherited from a close friend) Does not own property but would like to gift some money to various nieces and nephews now instead of them waiting until they inherit through her will

 

 

[davebro3]

I think anything over £3000 pa will be added to the estate for IHT if she dies within 7 years of the gift.

(but apart from the executors telling I don't know how they find out about it) my 2 cents.

[jw47]

Her estate will never be up to the Inheritance level so that's why I am asking for her as she is now in a position to give monetary gifts

P

[newmodarmy]

There's no restriction on anyone giving gifts. If an estate could be valued enough to attract IHT then it's a consideration for those who don't want the estate to pay any IHT when they die, but this doesn't seem relevant in your case