Increase exemptions on cash gifts from inheritance tax during Covid-19

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Increase exemptions on cash gifts from inheritance tax during Covid-19

Petition Details

At present most gifts over £3,000 a year are included in a person’s estate if they die within seven years of making the gift. During Covid-19 this should be relaxed so that additional gifts of cash can be given without the possibility of these becoming liable for inheritance tax at a future date.

Additional Information

The rules could only apply to cash gifts, to enable assistance to people in urgent need of money, and not gifts of valuable assets such as art or collectables, and could also be subject to a monthly limit. This rule change could encourage those with money to assist those without.

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