Iht

simon_blay

Hello,

Can somebody tell me, with inheritance tax, are annual exemptions such as 5k to sons and daughters an individual figure, or is that 5k between them? Also, am i correct in thinking that the 3k a year allowance can be backdated a year?

Thanks for your help!

dollybird

This may be of some help

http://www.thisismoney.co.uk click on inheritance tax located under Quick advice

simon_blay

ok, so assuming you are married with 2 children, each parent can give each child 5000 pounds per annum, is that correct? Total of 20,000 pounds

CLAPTON

no

the exemptions are that you can give away 3000 per annum in total.
plus the small gifts exemption.

but on the occasion of their marriage you can give your son/daughter £5,000 per parent