Hi
I understood there is an annual allowance of £3000 and small gifts of upto £250 per person per year is exempted from Inheritance Tax. There is further exemption on wedding gifts between £1000-£5000 depending on relation.
At the below URL
https://www.gov.uk/inheritance-tax/gifts
I found under Small gift allowance:
You can give as many gifts of up to £250 per person as you want each tax year, as long as you have not used another allowance on the same person.
Birthday or Christmas gifts you give from your regular income are exempt from Inheritance Tax.
I would like to ask if Birthday or Christmas gifts are a separate allowance or already included in the £3000 or £250 allowance. If yes then what is the maximum amount that I can give away in cash for Birthday or Christmas gifts. Does it have to be Christmas or any religious occasion.
Thanks in advance,
Regards
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