How much inheritance tax is due?

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Q.My mother gave my daughter £5,000 on 1 May 2016. She had not made any other gifts in previous years. Unfortunately, my mother died on 1 September 2020. How much of the gift she gave to her granddaughter is chargeable to inheritance tax?

A: Since your mother did not make any other gifts, the gift she made to your daughter will be covered by inheritance tax annual exemptions - £3,000 for 2016/17 plus her unused exemption brought forward from 2015/16 (£3,000 available).

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Added By: Sharon Worger on 01st Oct 2020 - 12:57
Last Updated: 01st Oct 2020 - 13:04

Number of Views: 60
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