{"id":425214,"date":"2026-04-30T13:26:09","date_gmt":"2026-04-30T13:26:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/425214\/"},"modified":"2026-04-30T13:26:09","modified_gmt":"2026-04-30T13:26:09","slug":"martin-lewis-warns-gifting-money-to-family-could-trigger-inheritance-tax-hit","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/425214\/","title":{"rendered":"Martin Lewis warns gifting money to family could trigger inheritance tax hit"},"content":{"rendered":"

Martin Lewis has warned that giving money to family members could have inheritance tax implications if rules are not followed. <\/p>\n

The financial expert raised concerns on his BBC podcast while discussing gifting rules with tax specialists, highlighting how regular financial support to children or grandchildren could be counted towards an estate if not properly managed.<\/p>\n

Experts said keeping detailed records of gifts is essential to avoid complications when inheritance tax is assessed. <\/p>\n

The main annual allowance allows individuals to give away \u00a33,000 each tax year without it being added to their estate, and this can be given to one person or split between multiple recipients.<\/p>\n

There is also a seven\u2011year rule, meaning gifts made more than seven years before death are typically exempt from inheritance tax.<\/p>\n

Lucie Spencer, partner at Evelyn Partners, said: \u201cSo there\u2019s the large gift allowance, which is \u00a33,000 per individual per tax year.\u201d<\/p>\n

She explained that unused allowance from the previous tax year can be carried forward, saying: \u201cIf you haven\u2019t given that \u00a33,000 in the last tax year, you can effectively give \u00a36,000 today.\u201d<\/p>\n

This operates separately from the seven\u2011year exemption and other reliefs.<\/p>\n

\"Martin<\/p>\n

Martin Lewis warns gifting money to family could trigger inheritance tax hit<\/p>\n

| <\/p>\n

Martin Lewis<\/p>\n

Mr Lewis clarified that the \u00a33,000 allowance does not need to be given to a single individual.<\/p>\n

A separate small\u2011gift allowance enables people to give \u00a3250 to multiple recipients, but the two allowances cannot be combined for the same person.<\/p>\n

Ms Spencer said: \u201cWhat I can\u2019t do is give a person \u00a31 more,\u201d meaning the \u00a3250 limit cannot be topped up.<\/p>\n

Wedding gifts are subject to different exemptions.<\/p>\n

\"TaxTax revenue is expected to reach a record of 38.3 per cent of GDP by 2030\/31 | GB NEWS<\/p>\n

Harriet Brown said parents can give up to \u00a35,000 to someone getting married, allowing four parents to collectively gift \u00a320,000.<\/p>\n

Grandparents can give \u00a32,500, while other individuals can give \u00a31,000.<\/p>\n

Experts also outlined when people should begin tracking gifts.<\/p>\n

Mr Lewis asked when individuals should start documenting financial support.<\/p>\n

Ms Brown suggested this could begin in a person\u2019s early 40s, while Ms Spencer said: \u201cI would say in your 50s,\u201d adding that this often coincides with receiving an inheritance and having greater wealth.<\/p>\n

Experts recommend keeping a written or digital record of all gifts alongside a will.<\/p>\n

Ms Spencer said: \u201cWhen someone passes away and you come to complete their inheritance tax form, there\u2019s actually a whole list where you have to detail all of the gifts which you\u2019ve made leading up to your death.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Martin Lewis has warned that giving money to family members could have inheritance tax implications if rules are…\n","protected":false},"author":2,"featured_media":425215,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,14305,60,13635,1087,43,174,175,40822,5066],"class_list":["post-425214","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-inheritance-tax","tag-ireland","tag-martin-lewis","tag-money","tag-news","tag-personal-finance","tag-personalfinance","tag-sgg","tag-tax"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/425214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=425214"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/425214\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/425215"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=425214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=425214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=425214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}