View Full Version : Yearly allowance
Pieoftheday
10-11-2017, 18:19
Evening all, can anyone inform me as to the yearly amount I can give away as a gift each year? With out incurring tax if I croak it!! From my limited research I'm getting 3grand, but is this as a whole or can I give 3grand to 2 or more people each year? Cheers Jim
Exempted gifts
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
You can carry any unused annual exemption forward to the next year - but only for one year.
Each tax year, you can also give away:
wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child)
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
payments to help with another person’s living costs, such as an elderly relative or a child under 18
gifts to charities and political parties
You can use more than one of these exemptions on the same person - for example, you could give your grandchild gifts for her birthday and wedding in the same tax year.
Pieoftheday
10-11-2017, 18:54
Exempted gifts
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
You can carry any unused annual exemption forward to the next year - but only for one year.
Each tax year, you can also give away:
wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child)
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
payments to help with another person’s living costs, such as an elderly relative or a child under 18
gifts to charities and political parties
You can use more than one of these exemptions on the same person - for example, you could give your grandchild gifts for her birthday and wedding in the same tax year.
Ta Grant, so if I have two nieces, I can give them £1500 each, each year with no come back? I do find these things a bit aaarggh!! :scratch:
Ta Grant, so if I have two nieces, I can give them £1500 each, each year with no come back? I do find these things a bit aaarggh!! :scratch:
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
thats what that says to me, yes. there is a 7 year rule as well for gifts that are counted afaik..ie after 7 years they no longer become part of your estate.
Personally I dont agree with retaxing someone on the money they have or wish to give away. Its already been taxed and the govt should bog off.
Pieoftheday
10-11-2017, 19:03
Well I can't argue with you there, other folk telling us what we can do with our fold gets my goat! Ta for the input
you can always draw smaller amounts out over the year in cash and then give it away the next year. no-one is going to be any the wiser tbh as long as its not regular... hey, youve got a gambling habit lol
Pieoftheday
10-11-2017, 19:17
you can always draw smaller amounts out over the year in cash and then give it away the next year. no-one is going to be any the wiser tbh as long as its not regular... hey, youve got a gambling habit lol
No!! Got a relative with dementia so we are trying to do our best, I just don't want to bugger things up:)
No!! Got a relative with dementia so we are trying to do our best, I just don't want to bugger things up:)
call the tax office and ask. sure they can help if in doubt James
you sound clued up grant,if you are can i do anything to reduce my tax on paye?
Pieoftheday
10-11-2017, 19:52
call the tax office and ask. sure they can help if in doubt James
Thanks Grant,will def do my homework
you sound clued up grant,if you are can i do anything to reduce my tax on paye?
lol... if under 45k its only 20%... if more then your a fat cat :ner:
Thanks Grant,will def do my homework
you might get an alowance for payingcosts of care for instance. surprising whats possible although not widely known
It's just like in 'The Shawshank Redemption', this thread.
I've been advised to invest money in silver, what do you think, Grant?
It's just like in 'The Shawshank Redemption', this thread.
I've been advised to invest money in silver, what do you think, Grant?
If I might add, I dabble in silver and gold myself.
It’s not really an investment. But protecting wealth, although I’ve made good money buying gold and silver, you never know what the future holds, it could go down as easy as up. But if you buy in small amounts, (under $10K in the US), the government doesn’t receive notice. And you are not taxed on this money, no one can even prove you have it. It’s up to you to protect it, there are companies that store gold and silver for you, but this is suspect, they don’t hold your coins in a box, it’s just in the vault with everyone else’s, much like a bank, they don’t have all of everyone’s stored coins. And it’s expensive, kind of takes the point out of holding precious metals in the first place. So it’s up to you to not be robbed of it. When things get bad, and stuff hits the fan, like it did in Greece, it’s your only defense from being robbed by the banks and the government. And when paper money goes bad, the value of gold and silver will skyrocket. And even if it never does, it’s very easy to convert back into money without being taxed. Personally I’ve never been able to save money, but I have no problem saving my precious metals, I’ve amassed a small nest egg with it, I like having it, I don’t want to loose it, so it’s easy to save. Watch the market, when it dips buy, and when it returns it will offset the sellers commission. Stay away from collectors coins, and high grade pressings, they cost more than “Spot” value and chances are they won’t be worth more than Spot when you sell. Stick with bullion. One of my favorite coins to purchase are British Sovereigns, they usually have a good price, and small commission. Some believe there is more money in Silver, I try to do both gold and silver, half and half.
Hopefully Grant can enlighten us with more info?
Sent from my iPad using Tapatalk
Ninanina
12-11-2017, 19:20
As a side line...
If you think that elderly parents, god forbid, may have to go into a care home get them to put their house into 'Tenants in Common' rather than 'Joint Tenants' that way the house won't have to be sold to pay for care.. totally legal and simple to do
I got fed up with all my family saying "It can't be done" etc etc... and it can
Pieoftheday
15-11-2017, 20:35
As a side line...
If you think that elderly parents, god forbid, may have to go into a care home get them to put their house into 'Tenants in Common' rather than 'Joint Tenants' that way the house won't have to be sold to pay for care.. totally legal and simple to do
I got fed up with all my family saying "It can't be done" etc etc... and it can
That comes with it's own issuse, divorce, bankruptcy for example:doh:
Ninanina
18-11-2017, 18:15
That comes with it's own issuse, divorce, bankruptcy for example:doh:
True maybe but my parents are well into their 80's so don't think there is much of a risk.. anything but pay for care if needed ;)
Pieoftheday
19-11-2017, 09:29
True maybe but my parents are well into their 80's so don't think there is much of a risk.. anything but pay for care if needed ;)
Definitely something I'll look into,thanks
Powered by vBulletin® Version 4.2.3 Copyright © 2026 vBulletin Solutions, Inc. All rights reserved.