Sample Q&A's continued
- Article Dates:
- 2015
- All Months
Displaying Matches 1 thru 1 of 1 Found.
Tax Question: Hi all, I appear to be in 'check-mate' in the following scenario. Could you please let me know if there is any possible way out. Mother in law officially made a very open loan to us of 70,000 GBP in 2006 that was only expected to be repaid if we could afford it and in our own time or in the extreme if she needed it urgently for future health care. The money was used towards the purchase of a property in France. The property was resold at a loss in september 2014 but repayment of the 70,000 GBP was not required(we did not officially repay the money) but given to my wife(only daughter)as deposit on a house in the UK. Parent has very recently died. IHT is going to be due on the estate. Will the 70,000GBP be considered a loan and added to the total estate or can it be considered a gift and so eligible for some taper relief, thus reducing the IHT bill. Hope all this is comprehensible and thanks in advance. A....
Displaying Matches 1 thru 1 of 1 Found