well then i believe cash gifts are tax free (ie no income/capital gains tax)
your only worry is inheritance tax
so don't die soon
(maybe someone else can confirm, this is my understanding but i'm not an expert)
well then i believe cash gifts are tax free (ie no income/capital gains tax)your only worry is inheritance taxso don't die soon(maybe someone else can confirm, this is my understanding but i'm not an expert)
Unlimited between Husband/Wife £5k to Son or Daughter on marriage £3k gift each tax year. Small gifts of £250
You can also give any amount you like from your income, as long as it does not affect your standard of living.
Amounts over the £3k or £5k allowance are written back into the donor's estate should they die within 3 years. There is then a sliding scale up to 7 years, when the gift is no longer considered part of the donor's estate but - donors can fall foul of the 'impoverishment' rules, which do not allow people to give their capital away, and then thow themselves on the State. There is no time limit on, say, Local Authorities 'recovering' gifts that fall outside the IHT limits, in the event of a donor being taken into care at the authorities expense..
In order not to fall foul of IHT issues.Unlimited between Husband/Wife£5k to Son or Daughter on marriage£3k gift each tax year.Small gifts of £250You can also give any amount you like from your income, as long as it does not affect your standard o
yep, a bigger hassle is if you want to gift assets, then there are capital gains tax implications i think (revenue views this as you effectively selling the asset)
yep, a bigger hassle is if you want to gift assets, then there are capital gains tax implications i think (revenue views this as you effectively selling the asset)