Wedding Gift to Daughter

silvercar

I think that giving it with an accompanying letter saying that "as she knew, you intended making her a gift of X on the occasion of her wedding. Sorry it didn't arrive before but the money was tied up with the house sale." should cover you if necessary.

blue-kat

thank very much for the helpful replies _ I'll discuss the situation with relatives.

scope

Do people really worry about giving away too much and its tax implications? Do you really think HMRC is going to investigate every transaction in this country? I would not worry one bit giving my daughter 20k.. just split it up in small transactions and nobody will know.

Lots of parents pay for the entire wedding, often costing 10s of thousands, do they declare this?

RayWolfe

This problem only kicks in if the giver dies before 7 years after the payment so it's unlikely that this affect most people ... however ... don't be cavalier about this, the estate administrator has to make checks to find out if payments have been made.
It's so easy to say "I would not worry, who's going to find out"! The reason we have laws is to protect us from people with no morals.

LisaT186

Funny my Mum and Dad were looking at this over the weekend. I got married in June and they settled the reception costs as a gift as well as giving me a cheque. They were concerned as where to declare it as they are convinced that one of them will 'go' in the next 7 years and anything taken out of the IHT pot is useful. Dad discovered that it is £5000 each parent and he believes you declare it on your self-assessment form if you do one. Not sure what happens if you don't!

CLAPTON

LisaT186 wrote: »

Funny my Mum and Dad were looking at this over the weekend. I got married in June and they settled the reception costs as a gift as well as giving me a cheque. They were concerned as where to declare it as they are convinced that one of them will 'go' in the next 7 years and anything taken out of the IHT pot is useful. Dad discovered that it is £5000 each parent and he believes you declare it on your self-assessment form if you do one. Not sure what happens if you don't!

why does he want to declare it...if he has given it to you it wont be there will it?

RayWolfe

LisaT186 wrote: »

They were concerned as where to declare it as they are convinced that one of them will 'go' in the next 7 years and anything taken out of the IHT pot is useful. Dad discovered that it is £5000 each parent and he believes you declare it on your self-assessment form if you do one. Not sure what happens if you don't!

No, it does not have to be declared to anyone at this stage. Only if the giver dies does it become an issue, when it does have to be declared (if applicable) by the administrator of the dead persons estate.