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Inheritance Tax Gift Allowance Clarity

Trigga7
Trigga7 Posts: 10 Forumite
Second Anniversary First Post
edited 14 March at 11:37AM in Deaths, funerals & probate
I would really appreciate some help with this

Is it possible to gift £9000 in one year and stay within the annual exemption rules.

As an example, could I gift £6000 in March 24/25, which would include the £3000 carried over from 23/24, then a further £3000 in the 25/26 tax year

Is this acceptable?


Comments

  • Trigga7
    Trigga7 Posts: 10 Forumite
    Second Anniversary First Post
    Thank you
    Also, is there a limit on the amount that one person can receive through gifts in a tax year
  • Keep_pedalling
    Keep_pedalling Posts: 19,749 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Trigga7 said:
    Thank you
    Also, is there a limit on the amount that one person can receive through gifts in a tax year
    No, there isn’t and there is no limit on how much someone can gift although gifting over your NRB (£325k) in the 7 years before you die could cause complications.

    PS what has this got to do with pensions? 
  • Keep_pedalling
    Keep_pedalling Posts: 19,749 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Trigga7 said:
    I would really appreciate some help with this

    Is it possible to gift £9000 in one year and stay within the annual exemption rules.

    As an example, could I gift £6000 in March 24/25, which would include the £3000 carried over from 23/24, then a further £3000 in the 25/26 tax year

    Is this acceptable?


    You can give as much as you like, the £3k is an annual exemption not a limit. If you did it this way all £9k would be exempt and fall out of your estate without having to wait 7 years. If you are married both of you can do this doubling that exemption even if it all originates from one of you. 
  • Marcon
    Marcon Posts: 13,300 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Trigga7 said:
    Thank you
    Also, is there a limit on the amount that one person can receive through gifts in a tax year
    No, there isn’t and there is no limit on how much someone can gift although gifting over your NRB (£325k) in the 7 years before you die could cause complications.

    PS what has this got to do with pensions? 
    Post is from a relative newcomer who clearly thought they'd landed on the right place - might be more helpful to signpost them/ask for it to be moved?

    OP, there's a more suitable board for this: https://forums.moneysavingexpert.com/categories/deaths-funerals-probate and I've asked for it to be moved there.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Trigga7
    Trigga7 Posts: 10 Forumite
    Second Anniversary First Post
    Thank you for the help and very sorry for posting in wrong place
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