FAMILY GIFTS & COLLECTIBLES
Christmas is about making memories, celebrating treasured family traditions and giving gifts that can last a lifetime…
What are your memories of Christmas? For me, it’s the whole family falling around on the floor playing Twister or a game of Cluedo after watching the Queen’s speech over Christmas dinner.
Giving is a big par t of Christmas but that doesn’t have to mean expensive gifts. After all, let’s be honest, can you remember the presents you were given last year? Yet some gifts can “go on giving” with special memories that will last a lifetime.
Collectible toys
Some toys may be this year’s fad, but others stand the test of time. Even toys from the ’70s count as “vintage” these days with Star Wars and Lego making money. If you’re giving what you hope could one day be a valuable collectible, why not buy two? This way, one toy or game can be enjoyed and played with, while the other is kept safely, since the value of any memorabilia goes down if it’s in a tatty, battered condition rather than pristine.
Books
Harry Potter books line the bookshelves of many a bedroom but some can be valuable. Imagine finding your Christmas present was a first edition copy of Harry Potter and the Philospher’s Stone? Just three years ago an inscribed first edition sold for over £100,000 at auction! It can be hard to predict which books will make a mint a few years on, but first editions are wor th looking out for if you’re giving books as gifts. However to hold their value they must be in pristine condition, complete with dust jacket.
Heirlooms
Giving grandchildren treasured items of jeweller y or family keepsakes can be a lovely way of keeping family histor y alive. But if you’re giving pieces with significant monetar y value, it’s worth knowing the rules on “gifting” in order to avoid any potential inheritance tax liability fur ther down the line. The basic rule allows you to gift or give up to £3,000 each year as belongings or cash. And you can also make unlimited gifts, each up to the value of £250, all without incurring any inheritance tax liability. most gift cards the clock star ts ticking the minute you buy the voucher and not when you hand it over. In addition it’s usually only in extenuating circumstances, like the recent pandemic, that unused vouchers can be extended.
Giving lotter y tickets as an extra or standby present can make a fun gift. And how about premium bonds for grandchildren? Grandparents, aunts, uncles – in fact any adult – can buy Premium Bonds for a child. The minimum investment is £25 with prizes from £25 up to £1 million ever y month. The money’s safe, as it’s backed by the Government. Just make sure you let the parents know as they may be asked for proof of ID and to verify their address. www.nsandi.com