| Title | : | Which gifts are free from inheritance tax? |
| Lasting | : | 5.47 |
| Date of publication | : | |
| Views | : | 2 rb |
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Have you made any gifts to reduce your inheritance tax bill? Comment from : Justin King, Chartered Financial Planner |
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@Justin_KingbrbrJustin, Just to clarify are you saying that your parents (assuming 1they are a married couple and 2both alive) can gift upto £10k to their married child (this is £5k from Parent (1) and £5k from Parent (2)) Also, are wedding gift a one time thing (only to be issued at the time of marriage) or can parents continue to make such gift to their children on an ongoing basis (per each financial yearyear-on-year), provided they have the disposable income to do so brbrFor Example: br*FY1 2019/20 - Couple gets married Child receives a gift from Parent 1 of £5k and Parent 2 of £5k In addition to this that child can also receive an Annual Exemption Allowance of £3k Totalling a gift of £13k in FY1 Additionally, if they did not their Annual Exemption Allowance from the previous year 2018/2019 they could also get another £3k as a giftbr*FY2 2020/21 - Married couple are now into their first year of marriage Are they eligible for another Wedding gift for this tax year? ie a gift from Parent 1 of £5k and Parent 2 of £5k brPlease advise as your video eluded to this and I just wanted to understand if this was correct or something I have misunderstood I ask this because the Annual Exemption Allowance is clearly a gift that can be gift annually but does this rule apply to the other types of giftsbrbrSecondly, if a couple got married 5 or 10 years ago, but did not receive a wedding gift from their parents due to certain circumstance, can their parents look to issue such a gift at a later date and take advantage of this gifting option It could be that their parents did not have the available funds at the time of marriage or that they were unaware of this gifting option Either way they would like to make a wedding gift to a married couple that got married several years ago What are your thoughts on this Comment from : Sham |
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Very insightful video! My dad has left his property to my mum Do I need to complete any forms on the HMRC website? I'm confused with that element Thnak you! Comment from : Anna Wong |
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