Inheritance tax question

[EdJ]

Hi guys - I have a question about inheritance tax.

If a married couple gift money to their children, I understood that at least one of the married couple had to survive for 7 years following the gift.

If one of them does die, is any inheritance tax due by the estate, or not?

Many thanks in advance,

Ed

[Eric Mc]

50% of the gift - if the gift was from jointly owned assets and was over the IHT threshold.

[EdJ]

Eric Mc said:

50% of the gift - if the gift was from jointly owned assets and was over the IHT threshold.

Thanks Eric - I didn't realise that was the case. I thought at least one had to survive the 7 year period. Thanks again for the quick response.

[Eric Mc]

I would check further if I were you - IHT is not an area I am that well up on.

[Welshbeef]

Isnt Gfiting the main way the landed gentry maintain their vast family wealth?

[Eric Mc]

Welshbeef said:

Isnt Gfiting the main way the landed gentry maintain their vast family wealth?

Probably a bit more complex than that. You can gift as much as you like to whoever you like - just don't die within 7 years of making the gift.