12 Gifts at Christmas….with no inheritance tax consequences!

Think beyond socks for him and bubble bath for her. 

1. Gift up to £3,000 each year in total to any one or more individuals.
2. Gift up to £250 per person per year.
3. Gift £5,000 to a child as a wedding or civil partnership gift (and smaller amounts for grandchildren or anyone else).
4. Gift to charity (without limit).
5. Gift to political parties (without limit).
6. Gift to a spouse or civil partner (without limit).
7. Make regular gifts from surplus income to anyone.
8. Gift up to £1 million of agricultural land and buildings.
9. Gift up to £1 million of an interest in a trading business.
10. Gift war medals.
11. Gift awards for public service like an OBE or MBE.
12. Gift for national benefit such as works of art, or a scientific collection, to bodies like The National Trust or national galleries.

But always take legal advice before so doing and make sure gifting is part of your considered estate planning.  If you do all this gifting you may find even socks and bubble bath are a stretch next year…

If you have any questions about the 12 gift ideas above, or would like estate planning advice, please contact Lucy Gordon, Director and Head of the Private Client team.