Executors need to inform HMRC about gifts when they deal with the death estate. That’s why, when gifting, keep a list of all the gifts, date of transfers and the value. If the total value of your gifts exceeds the nil rate band thresholds, you’ll have to pay tax on the gifts.
When dealing with your estate and assets, you’ll work closely with an executor who will collect all the necessary details about your estate. In order to move forward, your executor will submit a form with all your gifts to the HM Revenue & Customs, which simply informs them of any inheritance tax liabilities on your estate and assets.