Can my mum give me £10,000 Premium Bonds pls help
- Thread starter Tattooed
- Start date
Caporegime
- Joined
- 12 Mar 2009
- Posts
- 26,776
Indeed. "Can my mum give me £10,000 and if she dies within 7 years then will I have to pay tax on any of it." Great kid.
Yep.
Completely off topic but are you my son? You live in the same town as us and he is a Sean H too!
It's a reasonable question.
I think i9f a relative gives you a large sum of money or equivalent assets, it is by default not taxed. But if the relative passes away within 7 years, they count it as part of your inheritance and you will have to pay inheritance tax on it. This rule was made so that people on their deathbeds (or people who knew they would die soon) couldn't give away all their stuff at the last moment to avoid the tax.
Hahaha
As kemik says. No tax to pay unless she doesn't live for 7 years and her estate is worth more than £325K.
Remember that with rising house prices a lot more people have estates worth more than £325k
I would imagine that if she is thinking of giving you £10k then she is quite well off?
Remember that with rising house prices a lot more people have estates worth more than £325k
I would imagine that if she is thinking of giving you £10k then she is quite well off?
Correct, it's know as the rule of 7.
This applies to any cash gifts where an estate is not IHT exempt.
Not at all, perfectly legitimate if a large chunk of money might potentially be taken by the government.
Soldato
- Joined
- 7 Feb 2004
- Posts
- 9,511
I think I would be a little worried if I were your mum. What are your intentions exactly?
I did say 'sounds'..
surely he could have put a 'God forbid' after the mum dying part?
.Is he an accounting student as per his website?
Something ive wondered about inheritance tax is, if you know your going to be, couldn't you buy loads of diamonds, and give them too your kids. How does the government know of these assets, or would they be suspicious if you suddenly had a large sum of cash after the death?