I understand that parents can gift £3000 per year to their children. How does that work if mom re-married? can step-dad gift the same??

Kaz.224
by Kaz.224 15 November 2012  |  Comments 4 comments  |  Love Love  0 loves

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  • MikeGG1
    Love rating 909
    MikeGG1 posted

    The £3,000 gift allowance is not dependent on any relationship.

    Any person can give £3,000 in total to all those who they wish to. However, if they wish to give less than £250 to some, those payments do not have to come out of the £3,000 total. The £250 cannot be paid to anyone sharing in the £3,000.

    If the £3,000 is missed one tax year then £6,000 can be paid in the following tax year, but any missed amounts can only be carried forward for one year.

    They can give more provided that is regular and it does not mean that they have to cash in savings.

    Mike

    http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

    Posted on 15 November 2012 | Love Love  1 love Report
  • hobbyhorse
    Love rating 1
    hobbyhorse posted

    I don't think you can carry forward amounts of £240 though, can you?

    Posted on 16 November 2012 | Love Love  0 loves Report
  • MikeGG1
    Love rating 909
    MikeGG1 posted

    There is no need to carry forward amounts of less than £250 because they are only limited by spare income.

    Mike

    Posted on 17 November 2012 | Love Love  0 loves Report
  • Supercal
    Love rating 3
    Supercal posted

    That is true. But under S.123 TMA 1980, subject to a paternity test. You may well consider the invasive nature of such a test an impediment.

    Posted on 19 November 2012 | Love Love  0 loves Report

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