Making use of gift exemptions for IHT

2019-09-02T11:23:11+01:00June 14th, 2019|Categories: Blog, Personal Finance, Taxation|Tags: , , , , |

According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax (IHT) rules surrounding such payments. The report entitled Lifetime Gifting: Reliefs, Exemptions, and Behaviours, reveals a significant lack of awareness of the gifting rules, liability for inheritance tax and the risk of making financial gifts without considering tax rules, which can apply for any gifts over £3,000 in value in a given tax year. The research also revealed that those with potentially smaller estates (below £500,000) appear to have a limited knowledge of the longer-term reach of inheritance [...]