Inheritance Tax Gift Rules

Summary

In the UK, monetary gifts given more than 7 years before death are generally exempt from Inheritance Tax as Potentially Exempt Transfers (PET). However, if you benefit from the gift, such as living rent-free, it may still be subject to tax. Its advisable to consult a tax advisor or solicitor to ensure compliance with all requirements.

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She bought the house not me
In the UK, if you give a monetary gift and live for more than 7 years, it's generally exempt from Inheritance Tax as a Potentially Exempt Transfer (PET). However, if you benefit (like living rent-free), it might still be subject to tax. Consulting a tax advisor is recommended.