Gifting Exemptions

eve1978

Hi folks

I'm completing the inheritance tax forms for my late mum's estate and was wondering if money paid to maintain her children who were full time students (over 18) can be excluded completely from the schedule 403, or do they need to be listed with an exemption against them (family maintenance)

My sister and brother were both undergrad students for 3 years out of last 7 year and would simplify the form quite a bit if this can be excluded,
Many thanks

eve1978

Not to worry about this I will add it to the long list of questions for the guys on the probate/IHT helpline.

Yorkshireman99

eve1978 wrote: »

Not to worry about this I will add it to the long list of questions for the guys on the probate/IHT helpline.

Make sure you get them to confirm their advice in writing and if possible record the calls.

eve1978

Good idea, in your experience will they send written confirmation of guidance given on the phone if requested, and in a reasonable time frame?

Yorkshireman99

The point I am making is a general one inasmuch as you can come unstuck unless you have proof of what was said, by both sides, in a phone conversation. You might be better spending some money getting professional advice from an IHT specialist. Beware the glib advice on the detail you may get from here. Many of the details are not as straightforward as they seem.