My wife and I are not UK citizens, not resident in the UK, and not tax domiciled in the UK. We reside in Indonesia.
Our daughter and her boyfriend, both UK tax domiciled, will be getting married in July 2019.
It is our tradition that the parents of the bride cover all the expenses of the wedding reception, etc. This we estimate will be in the region of £40,000.
It seems we can gift our daughter a combined total of £10,000 without it being subject to inheritance tax. This leaves a sum of £30,000 that would be subject to 40% inheritance tax..
Is it possible that if we cover our daughter’s wedding reception expenses she will be liable to pay at least £12,000 tax?
There must be some way to avoid or drastically reduce this.
PLEASE HELP!
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