Gifting and IHT — a look at everything advisers need to know

Surprising tax implications of a gift to a long-term partner

clock • 4 min read

Richard Burgess explores the various tax consequences of gifting and asks: should you always look a gift horse in the mouth?

Gifts made between spouses or civil partners either during their lifetime or under the terms of a will are made free of inheritance tax. This means that the threshold of £325,000 of assets that can pass to anyone other than a spouse, civil partner, or a charity without giving rise to a charge to inheritance tax, remains intact irrespective of the nature or value of inter-spouse gifts. However, gifts made between long-term partners do not benefit from the same exemption. This means that if the aggregate value of gifts made from one partner to another in any tax year exceeds £3,000, and th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

P1 platform to offer Business Relief ahead of pension IHT changes

P1 platform to offer Business Relief ahead of pension IHT changes

Partnership with PXN Investments

Sophia Panayi
clock 15 September 2026 • 3 min read
Predictions and the value of financial advice

Predictions and the value of financial advice

'If there is one profession that has had to become comfortable with uncertainty, it is ours'

Andrew Aldridge
clock 10 September 2026 • 7 min read
Majority of advisers want CGT reporting in platform tax packs

Majority of advisers want CGT reporting in platform tax packs

Some 39% of advice firms cite tax planning as a priority

Sophia Panayi
clock 09 September 2026 • 1 min read