With just over a week to go until the big day, experts are reminding Britons of the rules on how much they can give and when, so that all their hard-earned cash doesn’t end up going to HM Revenue and Customs (HMRC).
Sean McCann, chartered financial planner at NFU Mutual said there are plenty of gift allowances in place for IHT, but generous grandparents could still get caught out if they’re not careful.
He said: “You can give away up to £250 per recipient and up to £3,000 each tax year without having to worry about inheritance tax.
“You can give away larger amounts free from inheritance tax, provided the gifts are made from your income, they are regular and don’t impact on your normal standard of living.
“If you make other large or one-off gifts, they can become subject to inheritance tax if you don’t survive seven years.”
READ MORE: HMRC warning: Britons urged to declare COVID-19 grants
He also recommended making the most of stocks and share ISAs because these could be even more financially appealing.
Mr McCann explained: “If you’re investing for the long term, a…
