Question:

If my Grandparent gives me 20,000 as a gift, what tax is liable on it?

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I know that if they die within 7 years I might have to pay tax, but what about other taxes? Should I notify the inland revenue, or do they know anyway?

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  1. No if they die within 7 years their estate may be liable for tax, but not you. You have no tax liability on the gift  


  2. No, you don't notify HMRC and no tax will ever be payable by you on this gift. If they die within 7 years, their estate may be liable to IHT on some or all of the gift, but not you.

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