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Inheritance Tax Gift Allowance Clarity
Trigga7
Posts: 10 Forumite
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?
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?
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Thank you
Also, is there a limit on the amount that one person can receive through gifts in a tax year0 -
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.Trigga7 said:Thank you
Also, is there a limit on the amount that one person can receive through gifts in a tax yearPS what has this got to do with pensions?0 -
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.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?0 -
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?Keep_pedalling said:
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.Trigga7 said:Thank you
Also, is there a limit on the amount that one person can receive through gifts in a tax yearPS what has this got to do with pensions?
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!1 -
Thank you for the help and very sorry for posting in wrong place0
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