Ask the expert: Will paying for my daughter’s wedding reduce my IHT bill?

cityam07-20 13:00

Marianna Hunt is back to answer your burning personal finance questions Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader wants ...

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I understand that if my wife and I transferred her 15,000 for the costs of her wedding, that would be considered a gift for inheritance tax  purposes. But if I pay directly for my daughter’s wedding – so I contract the suppliers and meet their invoices, does this still count as a gift?A: Weddings are expensive these days , so it’s very generous of you to help your daughter with the costs. But this can be something of an IHT minefield.You’re right: simply transferring your daughter 15,000 for her wedding would be seen as a gift for IHT purposes. But remember you should be able to make use of various gifting allowances available to cover some or all of this, unless you have already u","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IHT":"InnSuites Hospitality Trust","BK4218":"酒店及度假村房地产信托","BK4181":"酒店及度假村房地产投资信托"},"translate_title":"请教专家： 支付女儿的婚礼费用会减少我的 IHT 账单吗？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IHT":1.5},"content_text":"Marianna Hunt is back to answer your burning personal finance questions Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader wants to know if paying for their daughter’s big day could reduce their IHT bill.Q: My daughter is getting married. I understand that if my wife and I transferred her £15,000 for the costs of her wedding, that would be considered a gift for inheritance tax (IHT) purposes. But if I pay directly for my daughter’s wedding – so I contract the suppliers and meet their invoices, does this still count as a gift?A: Weddings are expensive these days (I should know, I’m planning one), so it’s very generous of you to help your daughter with the costs. But this can be something of an IHT minefield.You’re right: simply transferring your daughter £15,000 for her wedding would be seen as a gift for IHT purposes. But remember you should be able to make use of various gifting allowances available to cover some or all of this, unless you have already used them up.\n\nFor example, you and your wife should each be able to give away up to £3,000 each tax year without the gift being subject to IHT. This is known as the annual exemption. If one or both of you did not use up last year’s allowance, you can carry that forward, potentially allowing you to gift up to £6,000 each, or £12,000 total.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe gift exemptionThere’s also the wedding gift exemption, which means you can give away up to £5,000 to your child IHT-free if they’re getting married. The exemption applies per donor, rather than per recipient, so between yourself and your wife, you could potentially gift up to £10,000.For the wedding exemption, you need to gift the money on or shortly before the marriage or civil partnership.You could combine the annual exemption with the wedding gift exemption, potentially enabling you to give away up to £22,000 IHT-free.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652126255","isCrawlerRequest":true}