Tackling Probate in Small Bites (First Hurdle)

DancingBadger

I've been perusing IHT400 and the schedules I need to use to accompany it, and at first glance it seems fairly straightforward.  Time will tell.

With regard to gifts, I am right in thinking I can deduct £3000 per annum gift allowance before entering the figure on the form?  

In this case, a gift of £60k made in May 2022 can be correctly entered as £51k by backdating the unused 2021 allowance, followed by the 2022 and 2023 allowances?  (The death occurred in February this year and I doubt I can use the 2023/2024 allowance.)

Keep_pedalling

You can deduct the £3k gift exemption for the tax year 2022-3 and the previous year’s exemption if it was not used. That is the maximum that can be disregarded. 

DancingBadger

Keep_pedalling said:

You can deduct the £3k gift exemption for the tax year 2022-3 and the previous year’s exemption if it was not used. That is the maximum that can be disregarded. 

Thank you.  (My understanding of the £3000 annual gift allowance was that it carried forward year-on-year up to the value of the gift.  Clearly I misunderstood.)

On that basis, if I put in £54,000 will HMRC assume the annual allowance has been deducted - or do they want to see the whole amount and deduct it from their calculations?  Apologies if I'm over-thinking this?