Wedding gift for daughter

baxy

How much cash can we give to our daughter and her husband for a wedding present?

Dizzie77

??? How much can you afford to give them!?!?

Have you contributed to their wedding? if so, they probably won't be expecting anything more.

shellsuit

I don't know how much can you give her.

Only you know the answer to that or am I missing something?

Kazz81

You can give her whatever you want.



there are so many variables though-have you contributed to any part of her wedding already? what is your relationship like? what can you actually afford? There is no point giving a nice fat cheque if you wont be able to eat for the next 6 months!

Must add my parents are paying for our food and drink at our reception venue. if they tried to give us a cash gift apart from that I just would not be able to accept it.

baxy

Was wondering about any tax implications of a cash gift. They are in rental and need help with a deposit for a mortgage but dont know if there is a maximum amount we can give away.

shellsuit

Ahh, now I understand!!

Sorry if I came across as being sarcastic, I really didn't have a clue what you meant apart from the obvious.

I can't help though I'm afraid, but I'm sure it won't be long before someone comes along who can.

Edinburghlass_2

£5,000 for a wedding present is exempt from inheritance tax

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

Kazz81

baxy wrote: »

Was wondering about any tax implications of a cash gift. They are in rental and need help with a deposit for a mortgage but dont know if there is a maximum amount we can give away.

makes much more sense now

sarah_elton

There is no tax on gifts in the UK in terms of income tax, capital gains tax, etc, so you can literally give them as much as you want.

However, as the previous poster pointed out, if it's more than £5,000 and you were to pass away in the seven years following giving it to them, they could be liable to pay inheritance tax on it if your estate is liable.