Legal Eagle Q&A: Inheritance Tax

November 17, 2017 by Melinda @ Giles Wilson Solicitors

Question:I would like to give each of my grandchildren £1000 for Christmas – do I have to pay inheritance tax on this?

Answer: You can give away as much cash as you like without paying any inheritance tax as this tax is only payable when you die if you estate is worth over a certain level. However if you die within 7 years of making cash gifts that would take you over that limit, then the tax will become payable at that time. There are strict rules in this respect and it is a good idea if you are worth over £325,000 (including your home), that you seek advice on inheritance tax whilst making your will. I hope this helps for now and it sounds as though your grandchildren will enjoy your generosity!

This article is by Melinda Giles at Giles Wilson Solicitors.
For legal advice please call 01702 477 106 or visit one of Giles Wilson's offices: 1711 London Road Leigh, 54 Leigh Broadway, 5 Roche Close Rochford
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