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 It is always worth using a qualified expert to address serious matters such as tax exposure. However, the following information may assist in some circumstances.
GIFTS a) All gifts made more than seven years before your death are exempt! Forward planning can therefore assist greatly. b) Gifts to your husband or wife are exempt. c) Gifts of up to £3,000 in any one tax year are exempt d) Wedding gifts are exept up to the following value: children £5,000; grandchildren £2,500; anyone else £1,000. e) Gifts that are part of your normal expenditure and made out of your income are exempt. f) Gifts to UK based charities, museums and similar other bodies. |
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Gifts are one of the most common methods use to reduce or avoid exposure to inheritance tax. The following points whould be considered: