Gifts and bequests

Article Abstract:

Gifts and bequests may be subject to capital gains tax (CGT) or inheritance tax (IHT). Cash gifts are never subject to CGT but they may be subject to IHT. The estate of a deceased person may have to pay IHT on the value of the estate. The estate includes gifts, which are greater than the annual gift exemption of 3,000 pounds sterling, given in the seven years prior to the death. A number of gifts, including gifts for education and smaller wedding gifts, are not subject to IHT, but they may be subject to CGT if they are assets. An individual can take steps to reduce the IHT bills of their inheritors.

Analysis, Laws, regulations and rules, Inheritance tax

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Gifts and bequests

Article Abstract:

Financial advice is given for the taxation of bequests and gifts, with information on planning ahead to avoid the taxation of certain types of taxable transfers.

Planning, Gifts, Legacies, Bequests

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Gifts and bequests

Article Abstract:

A guide to the taxation implications of making a gift in the UK is presented, with focus on the rules regarding inheritance tax and capital gains tax.

United Kingdom, Finance, Inheritance and succession

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