PET's

tightwadess

Sorted thanks

Keep_pedalling

Why are you asking this when your mother's estate is already exempt from IHT because it is well within the nil-rate band?

tightwadess

Sorted thanks

Keep_pedalling

tightwadess wrote: »

Because I am a need to know type of person and I have to be able to understand fully all aspects otherwise I can't function properly and become frustrated and depressed and also
So I know in my mind that I am learning to understand the way things are dealt with in an estate etc as I am named executor to my mother's will and I am hoping to be able to do it myself without need to pay a solicitor or at least engage a solicitor wholly when that time comes ( not for many many years yet I hope)

You really don't appreciate how much it helps me and how much the kind people on here help me to make sense of it all its appreciated whole heartedly . The questions may or may not be relevant but it helps to know the answers

You should find when the time comes that you will be able to carry out your role without resorting to the use of solicitors, and I think you are currently over thinking it. Regardless of any gifts she makes there will be no IHT to pay, you will just have to declare any over £3000 that have occurred 7 years prior to death, but even with those decelerations providing the estate does not exceed the nil-rate band there will be nothing to pay.

If you give someone over£3000 in any one financial year it need to be delared whether it is given in one go or in several chunks.

She should be wary of giving to much away however, because this could be classed as deprivation of assets should she ever need to go into residential care.

tightwadess

Thank very much

getmore4less

If you want to learn you may be better reading the HMRC manual on the subjects that interest you and ask about the things you are not clear on.

Gifting is covered quite well including gifting from income.

I could point you at something to start you off but it will hone your google skills to find the relevent pages.

tightwadess

Thanks that would be a great start all info more than welcome

getmore4less

https://www.google.co.uk/?gws_rd=ssl#q=hmrc+manual+gifts+IHT

kkgree1

I found the Gov.uk website very helpful when it came to working out gifts.

https://www.gov.uk/inheritance-tax/gifts

We've done PETs and the annual exemption gifts for my mother in law in the last 12 months. It takes some getting your head around but we have backed everything up with letters and on a spreadsheet (every POA spend) if it's needed when the time comes.

Yorkshireman99

kkgree1 wrote: »

I found the Gov.uk website very helpful when it came to working out gifts.

https://www.gov.uk/inheritance-tax/gifts

We've done PETs and the annual exemption gifts for my mother in law in the last 12 months. It takes some getting your head around but we have backed everything up with letters and on a spreadsheet (every POA spend) if it's needed when the time comes.

Likewise. My executors, also the beneficiaries, will have it easy when I turn my toes up!

securityguy

kkgree1 wrote: »

I found the Gov.uk website very helpful when it came to working out gifts.

https://www.gov.uk/inheritance-tax/gifts

We've done PETs and the annual exemption gifts for my mother in law in the last 12 months. It takes some getting your head around but we have backed everything up with letters and on a spreadsheet (every POA spend) if it's needed when the time comes.

It would be interesting to know how many people of an age to be giving maintenance or fee support to their university-aged children have any substantial records of the sums paid out. I certainly don't, and I'm currently paying out around £15k per year and am likely to pay out of the order of £100k over a seven year period. I know of a substantial number of students whose fees are being paid as well, so are in receipt of in excess of £20k per year from their parents.