20 Grand In Gift

DDIL | 15:04 Sat 05th Oct 2024 | Business & Finance

3 Answers

My mother has given a family member 20 grand in 2 months.
She says initially it was a loan but admits it's unlikely to be 'called in'.

Is there anything we need to be aware of tax wise or a declaration needed.

Thank you

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I wouldn't think so - unless your mother dies within 7 years and there is liability to Inheritance Tax.

DDIL

Question Author

Does that come out of the estate or the person who received the gift?

The executor(s) of the estate will be responsible for any tax - up to them how they fund it.

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