Just Wondering

[ferlew]

"If" anything happened to MrF, I would not like to continue living here.
What I would like, is to sell our bungalow, and give 25ish% of the sale to lad one, this would give him a decent deposit in outer London.
Another 25ish% would give lad two (single) enough for a flat in say ... Hull.
The other 50% would get me a smaller property in my area of choice, namely HU12.
Would the lads be liable to pay anything on their respective 25%.
Many thanks.

[woofgang]

I am fairly sure not if you survive for seven years after the gift and your husbands inheritance tax allowance wasn't used up when he died.

[Peter Pedant]

V v good point Mrs F

First of all you have to certain you are gonna get all of Mr F's moolah.

But if you are - then you get all the money ( no IHT between spouses )and can give it to Lad 1 and 2.
If you do not survive 7 y they MAY have to pay tax

But remember Mr F has not used his £325k free tax band.
and it may be useful to use it to give the lads tax free bequests in his will

So der dahh it is the usual advice - see a lawyer

IN fact practically the answer is almost certainly no unless the whole of your husband and yours estate exceeds £650 k. Easy in London and difficult in Humberside

But ten out of ten for thinking - what will happen when I die and how can I minimise tax ....

[ferlew]

I 'think' I get that, ta :)