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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
HMRC & Gifts
john24way
Posts: 1 Newbie
in Cutting tax
Advice on this question please - a parent pays directly from their bank account for Stamp Duty, Property Tax, and Vehicle Tax on items which he/she neither owns or has an interest in. Would any of these payments constitute a gift to the owner(s) for Inheritance Tax purposes:question:
0
Comments
-
2 possible outcomes only
1. All would be a gift under the "7 year" rule for parent's IHT purposes
OR
2. All/some (eg road tax) would fall outside parent's IHT because there is evidence retained that they fall within the normal spending pattern of the parent, and therefore are paid out of parents "surplus" income rather than being a transfer/reduction of parent's wealth as a consequence of the parent gifting an early inheritance.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards