Cash gift limit.

Hi there, My father is 85 and would like to give me a cash gift. If the gift is more than £3000 would I personally have to pay tax on this? For arguments sake, if my father gave me more than £3000 now as a gift, and he passed away in 5 years, and he left the house to me worth say £110,000 and an estate of £100,000, would I then be liable for inheritance or other tax? Cheers in advance. Kev.

Hi KevinM,
The Inheritance Tax threshold is £325000.
 If an individual gives away their home to their children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.
Where the value of the estate is below the appropriate threshold, no Inheritance Tax is payable.
There are no tax implications on the giving or receipt of cash gifts, but you may wish to consider Inheritance Tax implications.
 An individual can give a gift of £3000 to one person per year, or a share of £3000 to multiple people in the tax year and not be subject to Inheritance Tax on the gift.
 Sums above this amount will need to be included in Inheritance Tax calculations, where the individual dies within 7 years.
Inheritance Tax: general enquiries
You may also want to review the guidance here:
Inheritance Tax
Thank you.