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Question about gifting - Annual Tax free Allowance and PET's
Growingold
Posts: 511 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
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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
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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
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