It was reported in the Sunday Times that about a quarter of people aged over 70 had given cash to relatives as a gift, a total of12% of all UK residents!
The findings from HM Revenue & Customs (HMRC) showed that only 45% of those who have handed out money understood the implications for inheritance tax (IHT). Only gifts valued at less than £250 individually and £3,000 in total per tax year are exempt from IHT.
Before you make a gift to a family member of individual it is important to seek the help of an Independent Financial Adviser to make sure you don’t fall foul of the taxman.
Before giving a large financial gift, it is advisable to seek independent advice with a Independent Financial Adviser. Call 0808 144 5575 to speak with one of our Financial Planners who can help guide you through the complicated rules of inheritance tax.Contact Us
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