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When does income become capital for IHT purposes?
I have an income that exceeds spend by at least 25%. I save the excess but also 'gift' regularly to family out of surplus income.
Question says it all really.
Comments
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As a rule of thumb after two years. Gifting from excess income requires detailed record keeping on both income and expenditure if you are not doing that your executors are going to be hard pushed to claim it.
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