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IHT gift exemptions

Irratus_Rusticus · 2019-10-21 14:05:23

I've been researching all matters probate to see what my children as my executors would face. I thought I and they could ignore IHT concerns as my estate will fall significantly short of the IHT threshold even before the RNRB allowance. Meanwhile I make annual cash gifts and if I understand the guidance and form IHT205,…

Comments

lisyloo Posts: 30,113 Forumite

24 October 2019 at 5:30PM

Any part of the annual exemption which is not used in the tax year can be carried forward to the following tax year. It can only be used in the following tax year and can’t be carried over any further.

https://www.moneyadviceservice.org.uk/en/articles/gifts-and-exemptions-from-inheritance-tax#how-much-is-the-annual-gift-allowance

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