Personal Finance

Inheritance Tax

MY father gave myself and my three brothers and sisters £15,000 each two and a half years ago.
He passed away two weeks ago and I now have to fill in a probate form for his estate.It asks about gifts inthe last seven years.
His total residual estate is only £62,000 . Will the four of us have to pay any tax on our £15,000 each??

Basle6 Mon 12/05/08 14:23

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themas
Mon 12/05/08
17:21

If his total estate is below the limit - currently £312,000 -there is no IHT to pay on the residual estate or on the gifts.

Basle6
Tue 13/05/08
11:33

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Thank you

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