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Savings for the grandchildren
Comments
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Nardy said:Flugelhorn said:makes no difference whether they are full or step grandchildren. Is your estate likely to be liable for IHT? Would you say that this is payable each year out of excess income rather than savings?
Obviously the above only matters if you are in IHT territory.
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RedImp_2 said:Maybe someone can clarify but why worry about keeping the gifts under the threshold?
The limits are there to prevent people circumventing IHT presumably.
I’m therefore presuming if your estate was liable for IHT then in theory this would be calculated taking into account over the limit payments but if you hadn’t made them then the calculation is still the same. Hopefully you live loads longer and it falls out of your estate so much the better.
We see from many posts on here that it is widely misunderstood that if you give more you will become liable for more IHT.
Some even think that any large gifts will immediately have HMRC chasing after them for tax.1
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