Probate advice
G » Gifts
An inheritance, a bequest, a legacy - all forms of gift arising from the deceased’s Estate, whether by Will or under Intestacy.
All gifts which in total exceed £100,000 (except those below the tax free annual level - £3,000 - and those to charities) made within 7 years of the date of death, should be recorded as to amount, to whom paid and the date of payment so that the Inland Revenue can be informed as part of the Inheritance Tax assessment & calculation, unless the Estate and gifts added together, do not exceed the Excepted Estate level. See Excepted Estates.