Yearly Tax Allowances

Markus19630520

We are allowed £5000 for each childs Wedding as a tax free allowance free
from Inheritance tax if you live beyond 7 years. I have 2 questions. Firstly, what age does this allowance start from. Secondly, how do you advise HMRC of this and what are the mechanics of achieving this??

Rodders53

Markus19630520 said:

We are allowed £5000 for each childs Wedding as a tax free allowance free
from Inheritance tax if you live beyond 7 years. I have 2 questions. Firstly, what age does this allowance start from. Secondly, how do you advise HMRC of this and what are the mechanics of achieving this??

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

1)   Age: would be when the child can marry (16 in UK??) and I dunno about second marriages of any child, or how many marriages HMRC would permit

2)  Donor(s) keep records that their Executors can find when applying for Probate and filling HMRC IHT forms.

sheramber

A gift of £5000 for a wedding or civil partnership is an exempt amount so no need to keep a record of it.

The gift must be given before or at the tome of the wedding/civil partnership.- not afterwards.

[Deleted User]

Markus19630520 said:

We are allowed £5000 for each childs Wedding as a tax free allowance free
from Inheritance tax if you live beyond 7 years. I have 2 questions. Firstly, what age does this allowance start from. Secondly, how do you advise HMRC of this and what are the mechanics of achieving this??

As always with such questions what is the potential
vslue of your estate? 

Albermarle

Of course this would only be relevant if the donor was actually likely to be liable for IHT.
Many people seem to worry about gifts etc when they are not actually rich enough to be ever likely to pay IHT.

Keep_pedalling

There actually has to be a wedding planned you cant just gift it to them hoping they will get married at some unspecified time in the future.

[Deleted User]

Albermarle said:

Of course this would only be relevant if the donor was actually likely to be liable for IHT.
Many people seem to worry about gifts etc when they are not actually rich enough to be ever likely to pay IHT.

Indeed - frequently discovered after numerous posts - not that there is any suggestion that this is the case with the op!