Hello
I have consulted this page https://www.gov.uk/inheritance-tax/gifts and have multiple questions on IHT and Gifts.
Could somebody provide some assistance?
1. There is no inheritance tax on gifts between spouses. So do I have to declare any such gifts at all?
2. There is no inheritance tax on gifts between spouses as long as they live in the UK permanently. Is this referring to whether they are UK domicile or resident?
3. The following exemption exists: "payments to help with another person’s living costs, such as an elderly relative or a child under 18"
What if the payment was to an unemployed relative on a monthly basis for a full year? Would this be exempt?
4. The following exemption exists: You can give as many gifts of up to £250 per person as you want during the tax year as long as you have not used another exemption on the same person.
What if the payment was £400 per month? Would the first £250 per exempt or would the whole £400 not be exempt because it is more than £250?
5. The following exemption exists: normal gifts out of your income, for example Christmas or birthday presents - you must be able to maintain your standard of living after making the gift
So could this be a regular some of say £500 per month as long as it was taken out of regular income.
6. On a monthly basis can the 3 above exemptions be used simultaneously and on top of that the £3000 tax free per year claimed?
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