Annual inherited gift allowance

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katies_mum wrote: »

getmore4less, put in simple english that sounds so easy to understand. I reckon then there is no need for us to worry as our estate won`t be over £650k. Sorry to ask but does anything change if something happens to one of us?

Not really, assuming that the surviving spouse inherits everything then you also inherit the deceased partners nil rate band.

katies_mum

Thank you all so much, you have all been so helpful. Could I please just clarify, do we need to do the £3k gift allowances if our estate is under £650K? or does it not matter, I`m thinking we don`t have to worry too much?

getmore4less

booksurr wrote: »

you mean after 6th April 2017

Aug was to match the initial intent

Our daughter is 21 in August

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katies_mum wrote: »

Thank you all so much, you have all been so helpful. Could I please just clarify, do we need to do the £3k gift allowances if our estate is under £650K? or does it not matter, I`m thinking we don`t have to worry too much?

In your situation you don't need to worry. Even if your estate was over that level you can do what you like as far as gifting is concerned, it's just makes sense to do it a manner that minimises IHT when you do eventually pop your clogs.