Im ACCA qualified but asking this in my capacity as daughter in law helping my mother in law who is executor to her recently deceased husbands estate. I work as a management accountant and it’s been over 20 years since I qualified so I’m in need of some assistance.
My MIL is the only beneficiary of an estate est £600k but there were a number of gifts in the previous seven years totalling around £106,500. I have a couple of questions
1) my MILs own mother died around five years ago and she specifically inherited a sum of money which was received into my MILs and FILs joint account. Some of this was then gifted to the next generation - can we ignore this and not include it as a gift from my FIL as it effectively was my MILs to give even though it came from a joint account?
2) As total gifts are only £106,500 (less if 1) is correct, plus we have the £6000 to deduct for the two years annual exemption) am I correct in thinking the estate is then still an excepted estate?
Many thanks for any assistance