Could you have to pay inheritance tax on a wedding gift?
Before the big day comes around, whether you are a guest giving a present or contributing to the cost of the honeymoon, or perhaps a relative considering helping towards the cost of the wedding itself, you ought to consider the inheritance tax implications of making such gifts. James Mabey, partner at law firm Winckworth Sherwood advises on the inheritance tax implications of wedding gifts. In the UK, if you die within seven years of making a gift, inheritance tax may be payable on the value of the gift after your death. This is because gifts are considered to be part of your estate for inheritance tax purposes.