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7 Year Gift Rules
Parent has only ever made one cash gift in the last 7 years.
This was £5000 to her daughter in August 2025.
She (parent) passed away in December 2025.
An IHT400 is required for the estate as there is IHT to be paid.
As no gifts were made in 2024 can the allowance for that year be carried forward to 2025?
If so, does this need declaration on the iht400 (and need a supplement form completing)?
Comments
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Yes it can be used and gifts covered by the annnual exemptions do not need to be declared.
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