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pendy · 06-01-2006, 14:06

WestEnder is right, Gayle. Provided you can go for seven years before you pop your clogs, there is no tax on such lifetime gifts. Also gifts made out of income are free of CTT. So, if your income is £150,000 net, you can happily hand over £70,000 without attracting tax, as you still have plenty to live on. £1 million will bring in, at a conservative estimate, £50K before tax, so with a big lottery win, you are sitting pretty.

Whatever happened to "Unto those who have not shall be given ....."?

06-01-2006, 14:06	#23
pendy Resting in peace Join Date: Aug 2004 Location: London/Oswaldtwistle Posts: 1,123 Liked: 0 times Rep Power: 910	Re: How much would be too much? WestEnder is right, Gayle. Provided you can go for seven years before you pop your clogs, there is no tax on such lifetime gifts. Also gifts made out of income are free of CTT. So, if your income is £150,000 net, you can happily hand over £70,000 without attracting tax, as you still have plenty to live on. £1 million will bring in, at a conservative estimate, £50K before tax, so with a big lottery win, you are sitting pretty. Whatever happened to "Unto those who have not shall be given ....."?