Wedding season can be a gift for guests

May 16, 2016 | Uncategorized

Shropshire wedding guests are being urged to choose wisely when it comes to selecting a gift for the happy couple.

DY Tax Planning Consultant, Pam Mason, said wedding season was fast approaching and the invitations for many people were already flooding in. 

“As well as the all-important outfits for the big day, we’re urging guests to make a wise choice when it comes to the wedding gift too.”  

Pam said the Institute of Chartered Accountants in England and Wales (ICAEW) had launched a campaign to remind guests of the tax relief available if they choose to make a financial gift to a married couple.

“With many couples already living together, the more traditional wedding gift list is not as popular as it once was, and many couples may well prefer a monetary gift instead.

“And the good news is that not only will the happy couple benefit from the gift, but the guest can benefit too.”

Pam said gifts to married couples or civil partners were exempt from inheritance tax as long as the couple have a UK residence.

But she said the tax relief available on wedding gifts varied depending on the relationship between the giver and the receiver.

“Each parent can give up to £5,000 tax free, and grandparents can give up to £2,500 each.  Other relatives and friends can give up to £1,000 but all gifts must be made on or before the date of the wedding ceremony.

“So rather than buying the newly-weds yet another toaster or a kettle they don’t need, think about a monetary gift that will be good news for them, and good news for you too.”

Photo: DY’s Tax Planning Consultant, Pam Mason

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