The Money Saving Expert CEO shared advice on how grandparents avoid paying unnecessary Inheritance Tax on financial gifts
Martin Lewis has issued a warning for grandparents wanting to gift large cash sums to their grandchildren. The Money Saving Expert CEO shared the advice in the latest episode of his podcast.
He shared the advice on the 'Not The Martin Lewis Podcast' spinoff episode of his usual podcast where experts dish out financial advice. They explained that their grandparents wanted to gift part of the inheritance early – but the tax is still paid seven years before the person dies. Grandparents can give larger sums if they have 'surplus income' Speaking on Martin's podcast, tax adviser Kari Mellon, from Opes Tax, explained that the first year you receive a large monetary gift, you will be taxed above £6,000 in the first year. The threshold is set at £3,000 in the following years.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis issues warning to holidaymakers over rule when spending money abroad on ITV Money Show...Martin Lewis issues warning holidaymakers over rule when spending money abroad
Read more »
Martin Lewis' MSE team share five ways to save money on AmazonMoneySavingExpert has shared five tips and tricks that can save you money when shopping at Amazon – although it seems they're hidden, they're right there to take advantage of
Read more »
Martin Lewis issues tip to people who 'gift' grandkids moneyA listener wrote to the Not The Martin Lewis Podcast, where Mr Lewis gets experts on key topics such as inheritance tax to talk through how they work
Read more »
Martin Lewis issues urgent warning to anyone with money in a savings accountThe consumer champion is urging anyone with money in a savings or cash ISA account to check it now as they could be missing out on higher interest rates
Read more »
Martin Lewis shares essential holiday tips to save money and avoid scamsThe founder of moneysavingexpert.com has urged Brits to 'act now' in order to avoid being scammed
Read more »
Martin Lewis urges people with money in a savings account to check it nowThe consumer champion warns savings with a return rate of less than 4 per cent are earning ‘diddly squat’.
Read more »