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My dad is about to receive an inheritance of £80k and wants to give me £60k. What are the tax implications if any?
I'm simply going to use the money to pay most of my mortgage off.
Thanks in advance.
I'm simply going to use the money to pay most of my mortgage off.
Thanks in advance.
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Get your father to ask that a 'deed of variation' be inserted in the will, whereby he receives £20k and you £60k from the deceased's will. There are then no tax implications. Your father gifting you £60k is a 'hornets nest' - avoid. There are implications for IHT and possible 'care' clawback if he should be taken into local authority homing.
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Thanks Madas for your reply, much appreciated. I should also mention that my Dad is staying at her majestys pleasure. The £80k was left by his dad but he would only get it when his stepmum dies. She died on saturday, that's when he said he will give me £60k when he gets his money. I just wanted to know the best way to go about having to pay as less tax as possible if any at all.
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