Help From Parents

agrinnall

Mrs_pbradley936 wrote: »

We gave our son and his wife a deposit for a house as a wedding present. I think you can give more as a wedding gift, but don't rely on my info because this was in 1996 and it might have all changed.

Exempt gifts

Some gifts made during your lifetime are exempt from Inheritance Tax because of the type of gift or the reason for making it.
Wedding gifts/civil partnership ceremony gifts

Wedding or civil partnership ceremony gifts are exempt from Inheritance Tax, subject to certain limits:

• parents can each give cash or gifts worth £5,000
• grandparents and great grandparents can each give cash or gifts worth £2,500
• anyone else can give cash or gifts worth £1,000

You have to make the gift on or shortly before the date of the wedding or civil partnership ceremony. If the ceremony is called off and you still make the gift this exemption won't apply.


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