IHT 1984 Lifetime Gifts Increases

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IHT 1984 Lifetime Gifts Increases

Additional Information

A proposal to increase exemption limits for Gifts
Relevant Legislation
Capital Transfer Tax Act 1984 as amended by Finance Act 1986 to deal with Inheritance tax.
Executive Summary
Society is becoming polarised between the ‘Haves’ and ‘Have-nots’. Governments are constantly battling to legislate for fair tax treatment between the rich and poor. Therefore it should be a prime facie requirement that acts that lay down limits on benefits and allowances should have a built in review method to keep pace with inflation and rising costs and values.
The limits on gifts during life time have not been upgraded since 1986 and this 28 year time shift has left the original limits wholly out of scale with the current financial climate.
The proposal is therefore to uplift the £250 individual gift to £1,000 and the total annual allowance on gifts from £3,000 to £20,000, with other amounts in line with these.
Full details of this proposal email [email protected]

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