Cameron faces fresh row over mother's £200,000 gift
David Cameron faced a fresh row over his personal finances after it was revealed that he had been given a £200,000 gift by his mother following his father's death which could potentially avoid inheritance tax.
A couple of head lines from his morning which are starting to annoy me to be honest with their unfactual reporting.
Basically David Camerons mother gifted him two payments of £100 000 after his father died and this is being taken as him avoiding inheritance tax.
First off the money came from his mother so its is nothing to do with his father's estate. Therefore no inheritance tax is due on it unless she dies within 7 years of the gift being made. If she does then tax will be payable on it, if she does not no tax is due.
This is perfectly legal and honestly I can not see what the problem is; are we saying that parents should not be able to give money to their children?
This is also a good article regarding off shore accounts :
http://www.forbes.com/sites/timworstall ... e8aa932a0d