I am trying to understand the effect/advantage of gifting 3k to children each year in relation to inheritance tax.
If myself and my husband each gift 3k over 10 years does that 60k reduce the potential inheritance taxliability for the child on our death. The overall effect then is that not only does the child
receive the gift in their lifetime but their eventual tax bill will be reduced with the 60k being subtracted from the tax bill. Is this correct. Does revenue require proof that the gift was paid out each year. Is done using a particular form from revenue or how does this work.
If myself and my husband each gift 3k over 10 years does that 60k reduce the potential inheritance taxliability for the child on our death. The overall effect then is that not only does the child
receive the gift in their lifetime but their eventual tax bill will be reduced with the 60k being subtracted from the tax bill. Is this correct. Does revenue require proof that the gift was paid out each year. Is done using a particular form from revenue or how does this work.