Expert advice about financial services

Here is a selection of Q&As from Your London Wedding magazine whether it be about flowers, hair and makeup, fashion, wedding themes, health & beauty, cakes, stationery, legal advice. If you would like your question answered by our experts, please email it to editor@yourlondon.wedding

 

Pass it on

Pass it on

Q. Why would I have to pay inheritance tax when paying for my child's wedding? What has it got to do with the government?

A. Martin Brieger says: Martin says: Inheritance tax (IHT) is an undoubtedly emotive and political subject. But the simple fact is that, should you give a gift to someone and die within seven years, the government counts it as inheritance and will potentially want a slice of that value. This includes things like paying for other's weddings. Proponents argue that, without inheritance tax, the rich stay rich and the poor stay poor. They argue that taxing people on their inheritance redistributes income and helps society as a whole. Those who are against it say that it is a financial fact that inheritance tax is a double tax i.e. you are being taxed on something that has already been taxed previously. Moreover, opponents say it's a basic human right to pay or contribute to your child/ grandchild's wedding, which the state should have no say in.

Martin Brieger
www.inheritancetaxguru.co.uk

Bahamas Ministry of Tourism
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