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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 8038
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I have a question about inheritance tax, no, Simple query

This answer was rated:

I have a question about inheritance tax
JA: Have you talked to a tax professional about this?
Customer: no
JA: Anything else you want the Accountant to know before I connect you?
Customer: Simple query about if a 'gift' can be returned to avoid inheritance tax liabilty
JA: Which tax year are you filing for?
Customer: Its a future enquiry

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

A recipient of gift receives it free of taxes as there is no gift tax in the UK.

A gift is a potentially exempt transfer as far as the giver of gift is concerned.

If you return a gift, the amount is potentially added back to giver wealth.

In answer to your question, a gift can be returned but whether it would avoid inheritance tax depends on a person's wealth at the time of death.

My aim is to give you a professional service. I hope this is helpful and answers your question.

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