does any1 know the tax laws for monetrey gifts, what can you give tax free? to cut a longf story short my mother in law has just inhereited and wants to give to the grandkids but doesnt want them to pay tax does any1 know how much she can give?
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does any1 know the tax laws for monetrey gifts, what can you give tax free? to cut a longf story short my mother in law has just inhereited and wants to give to the grandkids but doesnt want them to pay tax does any1 know how much she can give?
I have an impressive bank of knowledge and experience. Unfortunately, I've lost the combination to this bank.
No tax on monetary gift that are genuine gifts. Seven year rule applies to some gifts but only affects inheritance tax liability. You also take into account the lower tax band so they'd get about £6000 tax-free allowance anyway.
Stupid rule the 7 year one. If the person died at 6 year 363 days then inheritance tax would be due on the money you received nearly 7 years ago
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