Gifts Out Of An Income Are Not Taken Into Account For IHT

Gifts Out Of An Income Are Not Taken Into Account For IHT

Gifts Out Of An Income Are Not Taken Into Account For IHT

A more generous inheritance tax exemption applies where the donor can prove that he or she is not transferring capital but is making gifts out of their income. There are detailed conditions for this exemption to apply requiring records to be kept of income and expenditure in order to prove that there is sufficient surplus income each year to make regular gifts to the beneficiaries. We can of course assist you in keeping the necessary records to satisfy HMRC.

If you would like to discuss this in more detail please contact our Tax Partners Steve Crompton or Chris Barrington on the details below;

Steve Crompton
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
email: steve.crompton@jsllp.co.uk

Chris Barrington
Tax Partner
direct dial: 01942 292505
mobile: 07730 436070
email: chris.barrington@jsllp.co.uk


 

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