settling up an estate

Savvy_Sue

weelassy wrote: »

Is a deed of variation subject to any time limits or value of gift ?

Must be done within two years of the DoD, no limit on value of gift AFAIK.

getmore4less

Yorkshireman99 wrote: »

The amount of a gift is taxed for IHT at a progressively lower rate after three years. I am assuming the gift is more than the amounts annually allowed so it certainly tapers in the usual meaning of the word. That is why it is known as taper relief. Quite why an £80 gift would not be eligible escapes me.

Only gifts over the nil rate band pay tax, no tax no relief.

Edit:
Cumulative over the 7 years in reverse(oldest first) use up the nilrate band anything over can get taper relief.