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Gift Record Template for Inheritance Tax UK: Lifetime Gifts Record Pack
A gift record for inheritance tax: a gifts log in Excel and Word laid out like HMRC's own gift table, a gift letter with the recipient's acknowledgement, and a yearly income and spending record for regular gifts. Record keeping only, for England and Wales.
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What’s included
- Gifts log (Excel): one row per gift, with the tax year, the date 7 years later and tax-year totals filled in for you
- Printable gifts log in Word and PDF, with the same columns as HMRC's gift table
- Gift letter recording a single gift, with an acknowledgement for the recipient to sign
- Income and spending record for regular gifts from income, one page per tax year
- GOV.UK's published gift figures on one page, for reference
- Note for your executor saying where the record and the evidence are kept
Who it's for
- •Parents and grandparents giving money to family who want a proper record
- •Anyone making regular gifts from their income who wants the figures kept year by year
- •Executors-to-be who want the gift history ready for whoever deals with the estate
About this pack
GOV.UK says to keep a record of the gifts you make: what you gave, who you gave it to, its value and when. The reason is practical. When someone dies, the person dealing with their estate has to tell HMRC about gifts made in the 7 years before the death, and without a record that means working back through years of bank statements.
This pack is the record. The gifts log has a column for everything HMRC's gift form asks for, and the spreadsheet version fills in the tax year and the date 7 years after each gift, and adds up each tax year. A gift letter records a single larger gift and has an acknowledgement for the recipient to sign. A one-page income and spending record covers regular gifts made from income.
It is a record-keeping tool and nothing more. It does not tell you whether a particular gift is exempt from Inheritance Tax and it does not work out any tax. GOV.UK's published figures are shown for reference, so you know what to note down.
If you are thinking of giving away your home, a business or a large part of what you own, or want to know how a gift will be taxed, speak to a solicitor or tax adviser before you make it.
This may not be right for you if…
- •Anyone who wants to know whether a gift is exempt or how much tax is due: that is tax advice
- •Gifts of a home, a business or farmland, or gifts into a trust: take advice first
- •Gifts towards a house purchase where the lender has its own gifted-deposit form
In these cases, we recommend speaking to a solicitor.
GOV.UK's published figures for gifts
| Heading on GOV.UK | Figure |
|---|---|
| Annual exemption | £3,000 each tax year; unused exemption carries forward one tax year only |
| Small gifts | Up to £250 per person in a tax year |
| Wedding or civil partnership gift to a child | £5,000 |
| Wedding or civil partnership gift to a grandchild or great-grandchild | £2,500 |
| Wedding or civil partnership gift to anyone else | £1,000 |
| The 7 year rule | No tax on a gift if the giver lives 7 years after giving it, unless it is part of a trust |
What the gifts log records
| Column | Why it is there |
|---|---|
| Date of gift | GOV.UK says to record when you gave it |
| Given to, and relationship | HMRC's form asks for the recipient's name and relationship |
| What was given | HMRC's form asks for a description |
| Value on the day | GOV.UK says to record the value of the gift |
| Note on exemption | Your own note of the GOV.UK heading you think applies |
| Tax year and date 7 years later | Filled in by the spreadsheet |
What you get
| Item | Format |
|---|---|
| Gifts log with tax-year totals | Excel |
| Printable gifts log | Word and PDF |
| Gift letter and acknowledgement | Word and PDF |
| Income and spending record | Excel, Word and PDF |
Your questions answered
Do I need to keep a record of gifts for inheritance tax?
GOV.UK says you should keep a record of what you gave, who you gave it to, the value of the gift and when you gave it. The person dealing with your estate will need those details, because gifts made in the 7 years before a death have to be reported to HMRC.
What should a gift record include?
The date of each gift, the name of the person who received it and their relationship to you, a description of what was given, its value on the day and a note of any exemption you believe applies. Those are the details HMRC's gift form asks an executor for, and the log has a column for each.
What is the 7 year rule?
GOV.UK says no tax is due on gifts you give if you live for 7 years after giving them, unless the gift is part of a trust. The spreadsheet shows the date 7 years after each gift so the record is easy to read. It does not work out whether tax would be due.
Does the pack tell me whether my gift is exempt?
No. It shows the figures GOV.UK publishes, such as the annual exemption and the small gifts limit, so you know what to note down. Whether a particular gift is exempt depends on your own circumstances, and deciding that is tax advice, which this pack does not give.
What is the gift letter for?
It is a short signed record of a single gift: the date, the amount or item, who it went to, and that it was an outright gift and not a loan. The recipient signs an acknowledgement. It is a record, not a deed, and a mortgage lender will usually want its own form instead.
How do I record regular gifts from my income?
GOV.UK describes these as payments you can afford after meeting your usual living costs, paid from your regular monthly income. HMRC's form asks for income and spending for each tax year. The pack has a one-page record using the same row headings, to fill in once a year while you have the figures.
Is this tax or legal advice, and has a solicitor checked it?
No. This is a self-help record-keeping pack. WillSafe is not a firm of solicitors or tax advisers, the pack is not tax, legal or financial advice, and it has not been reviewed by a solicitor. Before giving away a home, a business or a large sum, speak to a solicitor or tax adviser.
Can I get a refund if it is not what I need?
Yes, in full, within 30 days of purchase, provided you have not downloaded the files. Once the files have been downloaded they cannot be returned, although your statutory rights for faulty digital content are not affected. Download links last 7 days and are sent again free of charge if you ask.
Related reading
Free resources before you buy
- Free estate planning checklist a one-page PDF of what to gather first.
- Will health check check your existing will still works before adding to it.
- Estate planning & family articles the wider planning picture in plain English.
Self-help template, not legal advice. WillSafe UK is operated by Richard Wood, trading as WillSafe. We are not solicitors. Our products are self-help templates for England & Wales. For complex estates, speak to a qualified solicitor. See our full disclaimer.