Everyone is allowed to give away money every year with that amount immediately leaving their estate and no longer being liable for inheritance tax.
A number of different gifts are allowed:
• £3,000 – This is your annual exemption. You can give anything up to this amount away every tax year.
• Up to £250 – You can also give away as many gifts of up to £250, as long as it doesn’t go to someone who has already benefited from a gift out of your annual exemption.
• £1,000 – When someone gets married or enters a civil partnership, you can give them up to £1,000 (£2,500 if they are your grandchild or great-grandchild, and £5,000 for a child).
• Gifts out of income – You can give away regular gifts out of your income as long as it doesn’t affect your standard of living.
• Living costs – You can make payments to help with an elderly relative’s living costs or a child under 18.
Other tax allowances you need to know for 2019/20
| Tax allowance | 2018/19 rate | 2019/20 rate |
|---|---|---|
| Personal allowance | £11,850 | £12,500 |
| Higher income tax band | £46,351 to £150,000 | £50,001 to £150,000 |
| Isa | £20,000 | £20,000 |
| Junior Isa | £4,260 | £4,368 |
| Capital gains | £11,700 | £12,000 |
| Pension annual allowance | £40,000 | £40,000 |
| Pension lifetime allowance | £1,030,000 | £1,055,000 |
| Inheritance tax (IHT) nil-rate band | £325,000 | £325,000 |
| IHT residence nil-rate band | £125,000 | £150,000 |
Moneywise.co.uk, 11 March 2019
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Source Moneywise http://bit.ly/2VYBPUh
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