Gifts during lifetime for probate

RAS

A solicitor was thrilled to have found an old insurance payout from the deceased's single days, less than a tenner. Told them to stop looking.

otb666

I had 7 years bank statements as the first 4 years included spouse and therefore could ignore as spending under 6k.per year exemption However the last 3 years as deceased became housebound  we had bought most things for them as they would not use their cards online. Deceased then transfers money to us. Came to quite a hefty sum 23k so just added them all up and deducted the 3x3k exemption and put 14k on form.  As it was an excepted estate did not really matter others pointed out it was unnecessary but felt happier it was all included  Even though it was mostly for various things the deceased bought via us for themself. Probate took 8 days and a further 2 days to receive in post.

PS Amazon account was useful for collating imfo as well  

Skint_yet_Again

Thanks otb666. I did similar but was not intending to include purchases made online for them as they were reimbursing me for items bought & delivered direct to them not gifting me the money? 

Skint_yet_Again

Just to check gifts should be split into tax years going back 7 years from date of death ? Eg if date of death 24/10/25 go back to 24/10/2018 ? 2018-2018 tax year 24/10/2018 to 5/4/2019? 

Keep_pedalling

That is correct.

Skint_yet_Again

Thanks @Keep_pedalling

Estate is below NRB + spouse transfer unused NRB. 

Just trying to understand year one and year 7.

Eg If date of death 24/10/2025

Is the large gift exemption pro-rata ? Or can the whole £3000 be used from 24/10/18 - 5/4/19 and £3000 exemption from 6/4/25 to date of death? 

Edit can 2017-2018 unused large gift exemption carry forward to period 24/10/18 - 5/4/19

Keep_pedalling

Annual exemptions are based on financial years.