I have close friends whose 5 year old daughter has been diagnosed with an incurable illness that will unfortunately take her life in the next few months. As Dad is self employed, what would I have to do to gift a sum of money tax free so that he doesn't have to work during these difficult times?
I am a full time employed UK taxpayer and my wife is a full time Mum.
My wife and I have not given any cash gifts in the last year, so I am assuming that we could legally give a gift of up to £24000 tax free if:
- I gift £6000 to friend + I gift £6000 to friend's wife + my wife gifts £6000 to friend + my wife gifts £6000 to friend's wife
OR
- give one lump sum and hope not to die in the next 7 years thus not being liable for inheritance tax?
Naturally I will record all necessary details so that the gifts are transparent, but ultimately anything I do I want to ensure that I fully comply with tax rules.
I thank you in anticipation of any advice you could kindly provide.
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