We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Income tax relief on non-charitable gifts as giver?

AdviceWelcome
Posts: 1 Newbie
in Cutting tax
Hi,
I understand that I can give my kids up to £3,000 in this tax year without being impacted by inheritance tax and capital gains tax issues (as long as I survive for another 7 years).
And similarly the kids are not going to be impacted by income tax issues.
What I wondered though is - will a personal gift of this nature reduce my personal taxable income and result in lower personal tax bill for me as the giver?
Thanks.
I understand that I can give my kids up to £3,000 in this tax year without being impacted by inheritance tax and capital gains tax issues (as long as I survive for another 7 years).
And similarly the kids are not going to be impacted by income tax issues.
What I wondered though is - will a personal gift of this nature reduce my personal taxable income and result in lower personal tax bill for me as the giver?
Thanks.
0
Comments
-
No it does not.0
-
-
AdviceWelcome wrote: »Hi,
I understand that I can give my kids up to £3,000 in this tax year without being impacted by inheritance tax and capital gains tax issues (as long as I survive for another 7 years).
And similarly the kids are not going to be impacted by income tax issues.
What I wondered though is - will a personal gift of this nature reduce my personal taxable income and result in lower personal tax bill for me as the giver?
Thanks.
you can give gifts totaling 3k per annum without them being PETs for IHT purposes;
you can also bring forward from last year 3k if you gave nothing then
your legal spouse can also give 3k (plus 3K) too.
you can give different individuals 250 each without limit.
you can give regular gifts from income
cgt doesn't come into it nor does income tax
only charitable gifts reduce your income tax0 -
What age are the kids?0
-
http://www.thisismoney.co.uk/money/experts/article-1695395/Whats-the-IHT-limit-on-3000-gifts.html
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm14180.htmWhat I wondered though is - will a personal gift of this nature reduce my personal taxable income and result in lower personal tax bill for me as the giver?
No.
If the children are unmarried minors see http://www.hmrc.gov.uk/manuals/saimmanual/saim2430.htm0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards