Hi, I wonder if you can help me with some advice about the annual gift allowance of £3,000.
My parents are wanting to help my sister in law pay for her cancer treatment where she lives in Bulgaria. They are elderly so are concerned about the possibility of her being liable to inheritance tax on this. I have read that if the annual allowance was not used in the previous tax year it can be carried forward but must be spent in the next tax year.
Am I correct in thinking that this means both of my parents (if they made no gifts in 2020-21) could give up to £6,000 each and none of this could become subject to inheritance tax.
Many thanks for any advice you are able to give me.
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