So, marriage

So why is there a Gift limit of £3k Per year, Why is there a limit at all..
It’s to stop you from giving away all your stuff the day (week, month, year) before you die to try to dodge inheritance tax. You can only give away so much in the years running up to your death without it counting as part of your estate when you die.
 
In reality it's a moot point unless the gifter dies and it becomes a consideration for IHT, and only then if the estate is over the IHT threshold after allowances and discounts.

It’s to stop you from giving away all your stuff the day (week, month, year) before you die to try to dodge inheritance tax. You can only give away so much in the years running up to your death without it counting as part of your estate when you die.
Ah,

I'll not be worrying then. Her estate would be above IHT, But she better last more than another 7 years, I quite like having her around.
 
I'm thinking this..

How much money can you gift to a friend tax-free in the UK?


£3,000

Known as the annual exemption, this allowance lets you gift up to £3,000 each tax year tax-free. You can either give this amount to one person or split it among multiple recipients. If you don't use the exemption one year, it can carry over to the next, allowing for a maximum of £6,000 in tax-free gifts.



But looks like if she lives longer than 7 years all is good.
Ah yes I see. Fair dos! Marriage should be well, well better on tax though. Combined income tax for a start. I'd also like full Poland mode with zero tax for parents with 2 kids but baby steps!
 
Ah,

I'll not be worrying then. Her estate would be above IHT, But she better last more than another 7 years, I quite like having her around.

A ten grand gift, for example, would only be liable for inheritence tax on 7k as theres a 3k allowance..in reality its peanuts, even if the estate does go over the inheritence tax threshold.

It only really becomes an issue if the estate is huge, and there are several beneficaries, and one of them was getting a lot of cash 'gifts' in the lead up to the death, and the others didn't ...it starts getting compicated...but if the estate is valuable enough, if you are executor, It's worth employing a probate solicitor to sort all that out, as they will know all the in's and out's. Acouple of grand on a specialist solicitor is cheap if the estate is a million quid+.

The solicitors fees will come off the top line of the estate account balance, also, so it's not like you have to pay for it personally as executor/administrator.
 
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my first car was a Peugeot 206
Oh you lucky so and so, I so wanted a 206 but I was poor and in college so I ended up with a H reg purple Escort. My mate worked in his family business straight out of school and rolled up to my house one day in a brand new 206. To this day I think he did it just to make me jealous :(
 
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Oh you lucky so and so, I so wanted a 206 but I was poor and in college so I ended up with a H reg purple Escort. My mate worked in his family business straight out of school and rolled up to my house one day in a brand new 206. To this day I think he did it just to make me jealous :(
Au contrair, I would've loved to rag a dirty old escort about at 17 :eek:

Like the entire post, I lied (never!), and actually did not have a 206. My first was technically the same as yours, albeit a decade or so later/newer.
 
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First dated in 1997*, went separate ways for 10 years, then bloody Facebook reconnected us in 2009...

...been married 14 years as of the first of this month.

(*And I've loved her for every one of the 28 years I've known her)
My brother went out with a girl in his teens and then they went their separate ways, went to uni, etc. They randomly bumped into each other on a night out years later in their mid 20s and they’ve been together ever since, like 15 years.
 
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