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IHT on regular gifts
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HI I need help on this.I am 71. I visited my solicitor this morning. I am retired and have too much income.I want to give my son �600 per month out of my income on a regular basis and I though tthis comes within the rules and is therefore exempt from IHT However my solicitor says this is only applicable for the first �3000 that you give away on a regular basis. I have read moneysavingexpert.com site and it says nothing about the �3000 limit for regular gifts.Comments very much appreciated-----James
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You can give regular amounts and they will not count towards the �3,000 as that is a different category of gift.
The rule on the regular gifts is that it must be regular so I suggest you set up a standing order so that the money goes to your son each month without fail. Also the amount given must be from income and must not reduce your standard of living. As long as you follow these rules the money will not count for IHT purposes.
Perhaps you should also find another solicitor who understands these rules before giving advice as otherwise you could find yourself with problems not of your own making.
The rule on the regular gifts is that it must be regular so I suggest you set up a standing order so that the money goes to your son each month without fail. Also the amount given must be from income and must not reduce your standard of living. As long as you follow these rules the money will not count for IHT purposes.
Perhaps you should also find another solicitor who understands these rules before giving advice as otherwise you could find yourself with problems not of your own making.
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