Limits on giving as a gift?

Savvy_Sue

Thanks everyone. I'm pleased to know it wasn't complete balderdash for 1 am.

Would anyone else like to have another go at the 'idiot's guide', either starting from my words but incorporating the omissions noted, or starting from scratch, without turning it into War and Peace?

I'm thinking maybe something like

Basic situation ... in plain English

BUT IF this applies, then see <link to HMRC> and get 'proper' advice

... to keep it readable

I keep wondering if Martin hasn't already done an article, but couldn't see one last night ...

zygurat789

There is no requirement to declare gifts received to HMRC because they cannot tax you on them.
It is possible that if you have received gifts from someone who gifted £325,000 as a single person or £650,000 as a married person, and the gifts were received less than seven years before death and that persons estate couldn't pay its IHT liability then HMRC may look to you for some of the IHT liability.

purdyoaten

Savvy_Sue wrote: »

Thanks everyone. I'm pleased to know it wasn't complete balderdash for 1 am.

Would anyone else like to have another go at the 'idiot's guide', either starting from my words but incorporating the omissions noted, or starting from scratch, without turning it into War and Peace?

I'm thinking maybe something like

Basic situation ... in plain English

BUT IF this applies, then see <link to HMRC> and get 'proper' advice

... to keep it readable

I keep wondering if Martin hasn't already done an article, but couldn't see one last night ...

Completely agree. The above combined efforts towards an answer are excellent. However, would anyone who cannot be bothered to do a quick search to THE most asked question on this forum equally be bothered to read the suggested sticky as it sits.

getmore4less

personally I think HMRC pages are reasonable summaries in plain English these days.


They are handy as they link to the complex stuff where needed although once into the manual pages it often gets messy.

jamesd

There are also limits on gifts from those who are on means tested benefits, who can be considered to be giving the money away to try to hide it from benefits means tests. This can happen in cases such as receiving an inheritance.