From: jenniferdouvale@yahoo.com (Jennifer)
Newsgroups: uk.finance
Subject: Re: Parent to Child Money Gift...Laws?
Date: 28 May 2004 05:12:41 -0700

OK, so all this house talk has made me think of another question....my
Father owns his house (Mother is deceased). He wants to leave the
house to me..is it better that he puts me as a co-owner or something
on the house now?

thanks,
Jen



GSV Three Minds in a Can  wrote in message news:...
> Bitstring <98e4301c.0405190429.496ba3f9@posting.google.com>, from the 
> wonderful person Jennifer  said
> >Hi, if my Father wants to tansfer money from his account into my
> >account...is there a limit on the amount and anything I or he would
> >need to pay regarding tax or whatever?
> 
> Not if he survives for another 7 years no. If he dies the estate may be 
> liable for inheritance tax, at the time of his death ("IHT" .. google 
> for the rules, the IR has them posted somewhere). This is for large 
> sums. he can give you £3k/year with no liability at all, with a 1 year 
> carry back (so if he didn't give any away last year, he can give 6k this 
> year) .. assuming he's not been giving any to someone else that is.