Quizzes & Puzzles3 mins ago
Whatis A Gift Of Money?
21 Answers
I have given my children the maximum, £3000 this tax year. Are charitable gifts treated differently?
Maybe these could come under the other gifts not exceeding £50 rule, but what if I wanted to give more than £50? Split it into £50 lots?
TKS
Maybe these could come under the other gifts not exceeding £50 rule, but what if I wanted to give more than £50? Split it into £50 lots?
TKS
Answers
Best Answer
No best answer has yet been selected by Segilla. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
God this is going round in circles!
To be absolutely clear, as to be fair factor fiction has said at least twice, if your estate is not near the IHT limit then you can give as much as you like to whoever you like with no consequences for later tax.
The potential clawback on monies given away within 7 years prior to death (known as Potentially Exempt Transfers, PET's for short) is only aplicable if the Estate is over the threshhold for Inheritance Tax.
A lot of worry over absolutely nothing on this thread.
To be absolutely clear, as to be fair factor fiction has said at least twice, if your estate is not near the IHT limit then you can give as much as you like to whoever you like with no consequences for later tax.
The potential clawback on monies given away within 7 years prior to death (known as Potentially Exempt Transfers, PET's for short) is only aplicable if the Estate is over the threshhold for Inheritance Tax.
A lot of worry over absolutely nothing on this thread.
Latest Posts
Quizzes & Puzzles9 mins ago
Film, Media & TV9 mins ago
Quizzes & Puzzles9 mins ago
Crosswords29 mins ago
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.