A HMRC warning has been issued for parents who haven't kept 'detailed records' of gifts to children. A little-known rule means you "can give away as much money as you like without worrying about inheritance tax".

Mums and dads can gift tax-free in a major boost for people looking to make their money stretch further. The inheritance tax personal allowance gives each person a total of £3,000 worth of gifts to give each tax year without them being added to the value of one's estate, but there's a way to gift more without being taxed.

For marriage or civil partnership celebrations, people can give up to £5,000 tax free depending on their relationship with the giftee. Myron Jobson, Senior Personal Finance Analyst, at interactive investor, said: "It is becoming increasingly clear that a b

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