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Where Taxpayers and Advisers Meet

Inheritance Tax and Gifts between Spouse & Children

SlimSlam
Posts:2
Joined:Thu Aug 08, 2019 7:17 am
Inheritance Tax and Gifts between Spouse & Children

Postby SlimSlam » Fri Sep 06, 2019 9:33 am

Can someone answer this question for me. - If a husband transferred money to his wife and that wife then gave some of that money to their child. Does that money have to be declared as a gift when the husband dies?

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Inheritance Tax and Gifts between Spouse & Children

Postby pawncob » Fri Sep 06, 2019 10:26 am

The gift to the wife is exempt from IHT.
The gift to the children could be chargeable, depending upon its value, the donor's estate value and the date of death. It's a PET(potentially exempt transfer)
With a pinch of salt take what I say, but don't exceed your RDA


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