Inheritance tax query

Hi, I will be purchasing a house with cash gift from my parents, the house price is £515,000, and if the gift was given to be equally by my parents, so £515,000 / 2 = £257,500 each. If unfortunately either of them passed away within 7 years time there is no inheritance tax for me to pay as these gifts are under the inheritance tax allowance of £325,000. Do they count as one or two individual / individuals in this case. Furthermore, there also an annual allowance of £3,000 for gift in one tax year and given that they have not gifted me any money in the last tax year, I will be able to receive £6,000 from each of them this year exclusive of the inheritance tax allowance. Hence the total gift I receive from one of them will be £257,500 - £6,000 = £251,500. Please may you advise if this is the correct understanding as I don’t want to pay the wrong amount of tax. Thus, personally do I need to pay any other income tax for these gifts? Thanks

Hi,

Please contact the Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.