This is the advice I give my friends and family who are trying to save money on gifts.
I’m sure it won’t be for everyone, but the point is: there are things you can do to avoid paying gift tax when you give gifts to your friends and loved ones.
Read more If you’re not a UK resident or you’re a UK citizen, you’ll need to give at least £5,000 ($8,100) to your friend or family.
If you are resident in the UK, you may be able to give a higher amount, but it’s still best to do so.
It’s possible to reduce the amount you’re donating if you’re giving gifts abroad.
However, if you are a UK Citizen living abroad and you want to give gifts, you should first make sure you’re living in the same country as your recipient.
You can check your own tax status at the end of this article to see if you have to pay tax.
If not, you can apply to HMRC for a refund of the gift tax.
This can be done in person or online.
If your friend has made a donation to the UK’s NHS in the past, you’re probably eligible for the gift-tax rebate.
You’ll need: a gift tax receipt from the UK (a photocopy of the receipt is sufficient)