Tax Refund on Inheritance 3k gift?

chrisrsmith

Hi
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?

grey_gym_sock

relief from which tax?

antrobus

chrisrsmith wrote: »

Hi
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?

No.

And the annual limit for inheritance tax of £3,000 is in total, not per person.

dzug1

Only if your kids are registered charities

xylophone

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

Tax relief? Could you elaborate?

CLAPTON

chrisrsmith wrote: »

Hi
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?

no you can't

however, if you give 3k per annum away and then die within 7 years the money will not be included in your estate for purposes of IHT

is that what you meant?

kidmugsy

chrisrsmith wrote: »

Hi
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?

That means you've used up your IHT-exempt amount for both this tax year and last. If you want to give them further gifts in 2013-14, you'll want to restrict them to £1500 each if you wish the gifts to be exempt.

getmore4less

There are no reliefs(or tax) on any gifts

if your estate is below the nillrate band(and likely to be so for 7 years) you can give away as much as you like.