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Gifts out of surplus income

Answer
ackrge96
Posted Sat, 12 Oct 2024 15:46:25 GMT by ackrge96
I have a number of NS&I index linked savings certificates. I wish to start making gifts out surplus income to my son. If I withdrew the amount of interest and index linking at maturity could this be classed as surplus income?
Answer
HMRC Admin 19 Response
Posted Tue, 22 Oct 2024 08:38:47 GMT by HMRC Admin 19 Response
Hi,
You can see guidance here:
IHTM14250 - Lifetime transfers: conditions for normal out of income exemption: out of income
Alternatively, you can contact our Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.
Stevan berry
Posted Thu, 19 Dec 2024 17:23:36 GMT by Stevan berry
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