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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4973
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I am a POA elderly mother, we are all UK residents and

Resolved Question:

Hi there, i am a POA for my elderly mother, we are all UK residents and nationals. The monies from the sale of her property are well over the threshold of £325k. This year my sister got married and later this same year i am getting married. I understand that a gift of £5,000 can be made (not subject to inheritance tax) as a wedding gift. My question is can this gift be given to both sisters from the 2016 allowance? Or if not, can we use the 2015 allowance for one gift and the 2016 for the other gift?
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Exempted gifts -

Each year you can give away wedding or civil ceremony gift up to £5,000 for a child .. it is implied that the gift is per child.. If two children were to get married in the same tax year the exempted gift will be £10,000.

More information on this can be found here ... look at this

Gifts to people getting married Up to: £5,000 from each parent of the couple; £2,500 from each grandparent or more remote relative; £2,500 from bridegroom to bride (and vice versa) and between civil partners; £1,000 from anyone else.

http://www.which.co.uk/money/tax/guides/inheritance-tax-explained/inheritance-tax-planning-and-tax-free-gifts/

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

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Expert:  taxadvisor.uk replied 1 year ago.

I thank you for accepting my answer.

Best wishes.

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