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Can you use the £3k gift allowance as part of a bigger gift (IHT)
Smallholder12
Posts: 1 Newbie
in Cutting tax
If a gift of £10k was give to three people during the year prior to someone's death where no other gifts were given in the prior year, could you utilise the £3k gift allowance when calculating the inheritance tax that's needed to be paid, assuming the current estate is over £325k.
i.e. £6k if gift allowance (2022 & 2023) could be used to reduce the taxable gift value from £30k to £24k or as the gift was over £3k individually the £3k allowance can't be used?
i.e. £6k if gift allowance (2022 & 2023) could be used to reduce the taxable gift value from £30k to £24k or as the gift was over £3k individually the £3k allowance can't be used?
0
Comments
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Yes, the exemption would be applied to the first of those gifts.0
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