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Tax Refund on Inheritance 3k gift?
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chrisrsmith
Posts: 174 Forumite


in Cutting tax
Hi
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?
If I give my two children 3K each (the limit for Inheritance whilst I am alive) - can i claim tax relief on this?
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Comments
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relief from which tax?0
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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.0 -
Only if your kids are registered charities0
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http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
Tax relief? Could you elaborate?0 -
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?0 -
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.Free the dunston one next time too.0 -
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.0
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