ARTICLE · 01 SEPTEMBER 2023

Inheritance Tax And Gifting Exemptions

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The rules on inheritance tax ("IHT") surrounding gifting can be complex. Many are aware of the basics of gifting exemptions but few understand the logistics of how gifts are reported to HMRC...

United KingdomTax

The rules on inheritance tax ("IHT") surrounding gifting can be complex. Many are aware of the basics of gifting exemptions but few understand the logistics of how gifts are reported to HMRC and how we can make this reporting easier for our executors in the future. This blog lightly touches upon the difficulties executors can face when disclosing lifetime gifts to HMRC and how you can make life simpler for your executors (the people who will sort out your estate after your death).

GIFTING EXEMPTIONS

There are well-known exemptions to gifting, namely:

Spousal/Civil Partner exemption
Small gifts exemption
Normal expenditure from income exemption
Charity/political party exemption

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