Inheritance Tax Advice Needed

pauln

Hi,

I've just read the inheritance tax article on the site
http://www.moneysavingexpert.com/protect/inheritance-tax-planning-iht

Soes anyone know if the £3k exempt gift is per person or in total. For example, my parents want to give some money to myself and my sister. Can they give us £3k each or £1,500 each?

Thanks in advance for any advice offered.

CLAPTON

each parent can give each year , by way of examples ...
one person 3k
or two people £1,500 each
or three people 500, 1000, 1500 etc

without this being a potential exempt gift for IH tax purposes.

However why worry about this... if they die within 7 years and they dont give it to you the estate will have to pay exactly the same amount of IHT as if they give it to you...so they might as well give it now so you can enjoy/invest or whatever and then you may not pay any tax whereas if they dont give it away then the estate definitely will pay tax.