NEW Articles27 May 2026
Why the Date of a Gift Matters More Than You Think
The date of a gift can impact tax reporting, estate administration and evidence for an enquiry.
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Probate and estate administration is a complex task which requires the filing of legal, financial and taxation information about the deceased’s estate.
When you are grieving it can seem far too difficult to deal with tax and applying for probate (the process of dealing with the instructions left in a will)
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View all related contentNEW Articles27 May 2026
The date of a gift can impact tax reporting, estate administration and evidence for an enquiry.
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The normal expenditure out of income exemption allows individuals to make gifts during their lifetime that are immediately exempt from inheritance tax (IHT) – there is no seven-year wait. A recent case heard by the First-tier Tribunal (FTT) has cast some light on what is meant by ‘normal expenditure’.
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As we approach the end of another tax year, it may be worth checking your national insurance (NI) record.
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