A couple's plan to gift £100,000 to their young granddaughters has sparked questions about inheritance tax implications.
If the donor survives for seven years after making the gift, it becomes fully exempt from inheritance tax.
However, if the donor dies within this period, the gift may be subject to inheritance tax.
This means that if one grandparent dies within seven years, £50,000 would potentially be liable for inheritance tax from their estate.
If someone dies between three and seven years after making a gift, the inheritance tax due is tapered down on a sliding scale...
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