IHT 403 - what is income

muddywalk

I have been starting to create records for IHT 403 and would like clarification on what is income.  Can it be simply defined as money received that is potentially taxable and therefore does it, and the IHT 403 record, exclude money I may have taken from savings for a particular purchase.  I may reduce my savings by £10000 to buy a car or £1000 to decorate my home.  Do I exclude such receipts from the IHT 403 Income section.  Similarly I assume if I exclude the income I would exclude the expense of the car purchase or paying the decorator.
Is there a definition of what constitutes income or expenditure?

Marcon

muddywalk said:

I have been starting to create records for IHT 403 and would like clarification on what is income.  Can it be simply defined as money received that is potentially taxable and therefore does it, and the IHT 403 record, exclude money I may have taken from savings for a particular purchase.  I may reduce my savings by £10000 to buy a car or £1000 to decorate my home.  Do I exclude such receipts from the IHT 403 Income section.  Similarly I assume if I exclude the income I would exclude the expense of the car purchase or paying the decorator.
Is there a definition of what constitutes income or expenditure?

This is probably better on the Death, Funeral and Probate board and I've asked for it to be moved there. In the meantime, have a look at this very lengthy thread which should be helpful: https://forums.moneysavingexpert.com/discussion/6549943/the-dreaded-iht403-gifting