Me and my mother were left my grandmother's property in her will in equal parts.
We are selling the family home for £110,000. I understand that we don't need to pay inheritance tax as this is below the threshold and it is a home that we currently live in.
My question is would there be tax payable if my mother wanted to give me the £55000 from her part of the sale as a gift.
Would the gift come under the 7 year rule?