Inheritance Tax

Basle6 | 14:23 Mon 12th May 2008 | Personal Finance

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MY father gave myself and my three brothers and sisters �15,000 each two and a half years ago.
He passed away two weeks ago and I now have to fill in a probate form for his estate.It asks about gifts inthe last seven years.
His total residual estate is only �62,000 . Will the four of us have to pay any tax on our �15,000 each??

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themas

If his total estate is below the limit - currently �312,000 -there is no IHT to pay on the residual estate or on the gifts.

Basle6

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Thank you

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