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Where Taxpayers and Advisers Meet

IHT Calculator/Gifts from Income

riccardob
Posts:136
Joined:Sun May 29, 2011 10:02 am
Re: IHT Calculator/Gifts from Income

Postby riccardob » Sat Jul 27, 2024 11:39 am

I would think current account statements and resulting calculations would be enough.
Ultimately wouldn't the onus be on hrmc to prove that the gift is not out of income if all the evidence has been presented?

AGoodman
Posts:1860
Joined:Fri May 16, 2014 3:47 pm

Re: IHT Calculator/Gifts from Income

Postby AGoodman » Mon Jul 29, 2024 11:15 am

IHT205 is no longer a valid form. the info is now provided online.

zaxtab
Posts:39
Joined:Thu Jul 09, 2020 9:08 pm

Re: IHT Calculator/Gifts from Income

Postby zaxtab » Wed Jul 31, 2024 4:27 pm

do you mean this calculator? https://www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value

what are you trying to find out? the potential tax liability or whether the estate would be excepted?

If working out whether an estate is excepted, gifts made out of income have to be treated as chargeable transfers (i.e. not exempt)

Para 4(7A) Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (SI 2004/2543) (as amended in 2011)

I haven't worked through the calculator but HMRCs guidance is not always correct.
I think this para from Gov.Doc. you mention suggests exemption….. ‘if there are any specified transfers, their chargeable value does not exceed £250,000,’ = exempt!


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