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Where Taxpayers and Advisers Meet

Exceed the £3000 tax free allowance

mobile
Posts:13
Joined:Tue Dec 13, 2016 9:43 am
Exceed the £3000 tax free allowance

Postby mobile » Tue Sep 04, 2018 11:40 pm

I understand that I can give away £3000 each year and it's immediately removed from my estate for IHT. If I gift £10000 to someone, and make no other gifts for the tax year, would the £3000 allowance come out of the £10000 meaning my estate would have £7000 that could be taxed for IHT or would the full £10000 remain as part of my estate for IHT because I didn't gift exactly £3000

mobile
Posts:13
Joined:Tue Dec 13, 2016 9:43 am

Re: Exceed the £3000 tax free allowance

Postby mobile » Tue Sep 04, 2018 11:41 pm

Sorry for the poor grammar. Hope it makes sense.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Exceed the £3000 tax free allowance

Postby AGoodman » Wed Sep 05, 2018 10:26 am

The £3k comes off, leaving £7k. You can also carry it over for one year so it could be £6k deducted if there were no gifts in the prior year.


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