UK Family Law
UK Family Law Questions Answered by Verified Experts
Thanks for your question.
The inheritance tax threshold in the UK is actually £325,000 at present in the UK after which 40% inheritance tax is to be paid on the excess amount above that figure.
She can give a gift to you or your children above this amount but if she dies within 7 years of giving this financial gift, then the recipient will still be required to pay tax on this amount. If she survives beyond 7 years of the gift, then there is no tax to pay.
The link below should help:
I hope that is clear. Please click for a positive rating, thanks.
To be clear..... If she dies and leaves me here in the UK £325,ooo there is no tax payable.
If she also leaves my children, also here in the UK, say £50,000 each (I have 2 children) they would have to pay 40% tax on the sum they receive?
yes that is correct.
Thank you for the rating.
my question is about the rights of a term cohabiting