Very insightful video! My dad has left his property to my mum. Do I need to complete any forms on the HMRC website? I'm confused with that element. Thnak you!
@Justin_King Justin, Just to clarify are you saying that your parents (assuming 1.they are a married couple and 2.both alive.) can gift upto £10k to their married child (this is £5k from Parent (1) and £5k from Parent (2)). Also, are wedding gift a one time thing (only to be issued at the time of marriage) or can parents continue to make such gift to their children on an ongoing basis (per each financial year...year-on-year), provided they have the disposable income to do so. For Example: *FY1 2019/20 - Couple gets married. Child receives a gift from Parent 1 of £5k and Parent 2 of £5k. In addition to this that child can also receive an Annual Exemption Allowance of £3k. Totalling a gift of £13k in FY1. Additionally, if they did not their Annual Exemption Allowance from the previous year 2018/2019 they could also get another £3k as a gift. *FY2 2020/21 - Married couple are now into their first year of marriage. Are they eligible for another Wedding gift for this tax year? i.e. a gift from Parent 1 of £5k and Parent 2 of £5k. Please advise as your video eluded to this and I just wanted to understand if this was correct or something I have misunderstood. I ask this because the Annual Exemption Allowance is clearly a gift that can be gift annually but does this rule apply to the other types of gifts. Secondly, if a couple got married 5 or 10 years ago, but did not receive a wedding gift from their parents due to certain circumstance, can their parents look to issue such a gift at a later date and take advantage of this gifting option. It could be that their parents did not have the available funds at the time of marriage or that they were unaware of this gifting option. Either way they would like to make a wedding gift to a married couple that got married several years ago. What are your thoughts on this
Hi Justin, Thank you for your content. I'm going through your videos to learn about the IHT process. My dad just passed away last month so as an executor I am trying to educate myself to complete the IHT400 form without using a solicitor. I am feeling very anxious about it but when I have done as much as I am able to I will probably have to get someone to look over it. PLEASE can you help me. On the Gifts part of the form I need to know if I have to fill in that dad gave me 3 separate gift payments of £2K this tax year and also via a DD sent me £300 per month. My birthday was in September so that was the last of the 3 payments. He passed away in November. Is this imperative that I have to list this? And if I didn't, please could you tell me how could they find out? I understand his allowance was £3K so it is obviously £3K over and the £300pm totals £3600 for 2023 so for IHT purposes that is £6,600 over for his gift allowance. Is that correct? Thank you in advance for your advice.
Have you made any gifts to reduce your inheritance tax bill?
Very insightful video! My dad has left his property to my mum. Do I need to complete any forms on the HMRC website? I'm confused with that element. Thnak you!
Hi Anna, thanks for your comment. If you read this page this should guide you on what you need to do. www.gov.uk/update-property-records-someone-dies
@Justin_King
Justin, Just to clarify are you saying that your parents (assuming 1.they are a married couple and 2.both alive.) can gift upto £10k to their married child (this is £5k from Parent (1) and £5k from Parent (2)). Also, are wedding gift a one time thing (only to be issued at the time of marriage) or can parents continue to make such gift to their children on an ongoing basis (per each financial year...year-on-year), provided they have the disposable income to do so.
For Example:
*FY1 2019/20 - Couple gets married. Child receives a gift from Parent 1 of £5k and Parent 2 of £5k. In addition to this that child can also receive an Annual Exemption Allowance of £3k. Totalling a gift of £13k in FY1. Additionally, if they did not their Annual Exemption Allowance from the previous year 2018/2019 they could also get another £3k as a gift.
*FY2 2020/21 - Married couple are now into their first year of marriage. Are they eligible for another Wedding gift for this tax year? i.e. a gift from Parent 1 of £5k and Parent 2 of £5k.
Please advise as your video eluded to this and I just wanted to understand if this was correct or something I have misunderstood. I ask this because the Annual Exemption Allowance is clearly a gift that can be gift annually but does this rule apply to the other types of gifts.
Secondly, if a couple got married 5 or 10 years ago, but did not receive a wedding gift from their parents due to certain circumstance, can their parents look to issue such a gift at a later date and take advantage of this gifting option. It could be that their parents did not have the available funds at the time of marriage or that they were unaware of this gifting option. Either way they would like to make a wedding gift to a married couple that got married several years ago. What are your thoughts on this
Hi Justin, Thank you for your content. I'm going through your videos to learn about the IHT process. My dad just passed away last month so as an executor I am trying to educate myself to complete the IHT400 form without using a solicitor. I am feeling very anxious about it but when I have done as much as I am able to I will probably have to get someone to look over it.
PLEASE can you help me. On the Gifts part of the form I need to know if I have to fill in that dad gave me 3 separate gift payments of £2K this tax year and also via a DD sent me £300 per month. My birthday was in September so that was the last of the 3 payments. He passed away in November. Is this imperative that I have to list this? And if I didn't, please could you tell me how could they find out? I understand his allowance was £3K so it is obviously £3K over and the £300pm totals £3600 for 2023 so for IHT purposes that is £6,600 over for his gift allowance. Is that correct? Thank you in advance for your advice.
Is the limit of £3000 from each parent or a joint limit.
Each
All of them if you are a liebour MP