IHT gift from surplus income letter
There is an inheritance tax exemption for monetary gifts made out of your surplus income. To demonstrate that a gift has been made out of surplus income you should send a letter with each gift you make.
Write a letter
Keep this IHT Gift from Surplus Income Letter with your will to help your executors when dealing with your estate (see Inheritance Tax Manual IHTM14242).
Related Topics
-
Further relaxation of self-assessment thresholds announced
The government has announced changes to the threshold at which some taxpayers need to complete a tax return. What’s the full story?
-
MONTHLY FOCUS: CGT RELIEF FOR SHARE DISPOSALS
Business asset disposal relief is available where businesses are sold, but can also apply to the disposal of company shares and, in some circumstances, assets used by the company. What are the rules?
-
Could HMRC incorrectly withdraw you from annual accounting?
Your business can only use the annual accounting scheme (AAS) if its annual sales are below certain limits. Is there a risk that HMRC could wrongly instruct you to leave and, if so, what can you do about it?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.