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Gifts out of regular income
I asked a previous question about 10k being gifted in the year of death to FIL granddaughters. I have used 3k exemption for 25/26 and 24/25. FIL has plenty of excess income to cover the other 4K. Would this be allowable to reduce the IHT charge on the 10k to zero? Thank you
Comments
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No, as well as having excess income you need to show a pattern of gifting and these were one off gifts.
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You asked exactly the same question in your 28 January post entitled 'Completing IHT403 gifts', and Keep_pedalling answered it.
If you think the deceased can meet all the conditions for the gifts out of surplus income exemption to apply, then complete page 8 of IHT403 which you clearly are already aware. Asking the same question hoping for different answers can become wearisome.
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I am sorry for being wearisome , I forgot I had asked the the second part of the question regarding the balance of his income
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