Areas of Law / Wills and Probate

I am never likely to reach the inheritance tax threshold, but I would like to pass on some money now to my children. Are there any limits to the amount I can give?

There’s no limit to how much you can give away, but if you give more than the £3,000 annual allowance and then die within seven years, the extra may attract inheritance tax if the gift would have taken you over the IHT threshold. As you may be aware, an unused annual allowance can be rolled over for one year, and gifts out of income can also be made free of IHT if they can be treated as normal expenditure. In addition to the annual exemption, gifts in any one tax year of less than £250 to any one person are exempt, as are some gifts to couples getting married.

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