- Annual Exemption: You can gift up to £3,000 each tax year without incurring IHT. If you haven’t made such a gift before, you can double up and give £6,000. Additionally, you can make unlimited gifts of up to £250 per person per tax year.
- Wedding or Civil Partnership Gifts: If a close family relative is getting married or entering a civil partnership, you can contribute up to £5,000 as parents, £2,500 as grandparents, and £1,000 if you’re neither a parent nor grandparent.
- Normal Expenditure Out of Income: This often-overlooked exemption allows you to make substantial tax-efficient gifts as long as they don’t impact your standard of living. The gift should come from your net taxable income, and you should still be able to cover your monthly living expenses.
Like his academic development, writing came late to Ray. He has written several published works, “Inheritance Tax Planning – My Way” and “Shareholder Protection & Partnership Protection” and has had four feature articles published in Tax Adviser magazine, but the publication he is most noted for is the joint collaboration with Tony Granger “Inheritance Tax Simplified”.