Gifts and other transfers of value Schedule IHT403

michael4343

 i need help do i put in money taken from bank accounts  on form or money owed confused as my tax is payed from my pensions then i pay any thing left to pay in the following January ie a year later  my state pension on my tax form is also different on what was put in to bank account as calculated differently by hrmc 

Keep_pedalling

Sorry, but your question is as clear as mud, you need to be a lot clearer in what you are trying to achieve here and what you are actually doing. Is this about gifting from excess income? 

michael4343

gifting from excess income that's what the form is for need to know if i put in bank fingers or fingers from self assessment as they are payed in different years ie tax on 24/25 is not payed to January 26 all so state pension is all so calculated differently by hrmc so you need to pay tax on what you should of got not what you wear payed 

mybestattempt

michael4343 said:

gifting from excess income that's what the form is for need to know if i put in bank fingers or fingers from self assessment as they are payed in different years ie tax on 24/25 is not payed to January 26 all so state pension is all so calculated differently by hrmc so you need to pay tax on what you should of got not what you wear payed 

You include the amount of each pension you actually receive into your bank account.

MarzipanCrumble

Say I have an income of 50K.  I have 2 children and I know I am in IHT Territory without even thinking about it.

I fill in IHT403 annually. (Yes it is not clear - you have to make assumptions but notate what those are).  

I give regular monthly sums to children.  IHT403 proves these are surplus to my income.

Recently I got a new boiler paid for by CC - paid off in full when due.  (Yes I know not savvy according to this forum, but less hassle).  This was out of capital - made clear in my notes on IHT403 and my accounts spreadsheet.

Advice has been to executors provide statements to HMRC - however I keep more than I need in accounts so not clear when 'not spending' becomes capital.

mybestattempt

@MarzipanCrumble

I think, perhaps, your comments were meant for another thread.

michael4343

also i have capital how do i prove what is spending from capital and not income