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    • Home • Advice • Common questions

    How do you record or lodge gifts for Inheritance Tax purposes?

    14 November 2024

    Question by Boring Money reader

    Hi,

    How do you record or lodge gifts to others? Is this recorded in your will, need to be lodged or just put on a letter for use later?

    Thanks,

    Boring Money reader

    Answered by Boring Money

    Hi,

    Thank you for your email.

    The person who deals with your estate will need to work out what gifts you gave in the 7 years before your death in order to correctly assess Inheritance Tax (IHT) liability on your estate. To help them keep track, you should keep the following records:

    • What you gave and who you gave it to

    • The value of the gift

    • When you gave it

    You can read all relevant details on gifting at this link.

    Hope this helps!

    Read more about how to reduce Inheritance Tax

    Answered by

    Boring Money

    Here to help you understand your options and make smart money choices.

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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