We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Question about gifting - Annual Tax free Allowance and PET's
Growingold
Posts: 515 Forumite
in Cutting tax
I wonder if anyone can help me answer this question?
I have an unused Annual Tax Free Allowance of £3,000 from the last tax year which I can carry forward and use in this tax year making £6.000 in Total. My question is can I make an additional PET to the same recipient so they would receive both my Annual Tax free Allowance and another amount (PET).
Thanks
I have an unused Annual Tax Free Allowance of £3,000 from the last tax year which I can carry forward and use in this tax year making £6.000 in Total. My question is can I make an additional PET to the same recipient so they would receive both my Annual Tax free Allowance and another amount (PET).
Thanks
0
Comments
-
Yes. You can gift as much as you like. In your situation the first £6,000 will be exempt and the remainder will be a PET.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0
-
But by making a PET to the same person will that negate the Tax Free Allowances already gifted this year and make them PET tooHappyHarry said:Yes. You can gift as much as you like.0 -
No it won't.Growingold said:
But by making a PET to the same person will that negate the Tax Free Allowances already gifted this year and make them PET tooHappyHarry said:Yes. You can gift as much as you like.
if you gift someone £100,000 then in your situation £6,000 will be exempt and £94,000 will be a PET.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.9K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards