Quick question for the experts here.
If I gift my friend £1,000,000 tomorrow - will he have to pay tax on that gift, if I survive over 7 years?
I had assumed the max you can gift is £3,000 per year, but upon further reading - it seems I can gift a lot more, and if I survive 7 years, the recipient of the gift will pay no tax.
Thanks in advance for any thoughts.
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