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Whatis A Gift Of Money?
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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
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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.
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