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You have an annual £3,500 ‘gift allowance’ that is free of Inheritance Tax (IHT). Meaning cash gifts of up to £3,000 can be given tax-free, remember to do this by the 5th of April 2019.
If you forget to utilise the annual gift allowance don’t worry you can carry over the leftover allowance. If you don’t gift anything this tax year (2017-18) you can carry the £3,000 over to the next (2018-19). Meaning you can gift a total of £6,000.
If you give an individual gift that exceeds the threshold, they may not necessarily be charged IHT. IHT will not apply if you live on for 7 years following the gift.
If you would like assistance utilising the annual IHT gift allowance, please contact us on 01295 477 250 alternatively you can email email@example.com.