Hi folks does anybody know what the gift tax threshold is for gifting children in there 20s
,in the uk i think your allowed to gift your child 3000 per year without them paying tax on the gift can anybody advice on the amount here in spain.
thanks
(also he is a spanish tax payer also at uni full time )
Gift tax threshold /children
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Re: Gift tax threshold /children
In Andalucia you can gift up to e120,000 (I think) if it is to buy a first house. Otherwise there is no gift allowance, although the starting rate on small amounts is less than 8%. I hasten to add this from memory when looking into it a few years ago, but I am sure there is someone who has more information...
Re: Gift tax threshold /children
Not that it matters but in the uk you can give anyone any amount you like. The 3k amount is in regards to it been added onto your estate when you die (if the money is gifted less than 7 years before your death) and any potential issues with inheritance tax having to be paid on it if your lucky enough to be that rich in the first place that your estate goes over the IHT threshold
Last edited by elusive on Sun Apr 22, 2018 6:26 pm, edited 1 time in total.
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Re: Gift tax threshold /children
As I understand it you can give a one time tax free give of up to £325.000 to your children above that figure attracts 40% tax !
Re: Gift tax threshold /children
£325k is the current IHT allowance for an idividual. Can be doubled between spouses. If you have an estate thats worth less than that you can basically give any amount to anyone because its below the IHT threshold so even if you died within seven years it would be irrelevent as your estate would not be effected by IHT. If you have an estate worth 425k than you pay 40% on the 100k.Manchesteral wrote:As I understand it you can give a one time tax free give of up to £325.000 to your children above that figure attracts 40% tax !
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Re: Gift tax threshold /children
Can we please stick to the taxes in Spain. The rules in the UK are irrelevant to the question and only confuse the issue.
Basically, as already mentioned, there are no allowances apart from a gift to buy a house.
Sid
Basically, as already mentioned, there are no allowances apart from a gift to buy a house.
Sid
Re: Gift tax threshold /children
Thank you for the reply,s
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