Inheritance Tax Gift Allowance Clarity

Trigga7

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?

RipleyG

Yes. https://www.gov.uk/inheritance-tax/gifts

Trigga7

Thank you
Also, is there a limit on the amount that one person can receive through gifts in a tax year

Keep_pedalling

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

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

Keep_pedalling said:

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.

Trigga7

Thank you for the help and very sorry for posting in wrong place