At this festive time of year, it should be noted that there is generally no Inheritance Tax to pay on small gifts you make out of your normal income. This, of course, can include gifts you may wish to make for Christmas or birthday presents, and they are known as ‘exempted gifts’ for the purposes of Inheritance Tax.

It should also be noted that there is no Inheritance Tax to pay on gifts made between spouses or civil partners. This would mean you can gift to them as much as you like during your lifetime, as long as they live in the UK permanently, but more commonly these types of gifts may also be made around the festive season or for birthdays or special events.