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In addition, if you did not make use of any part of the £3,000 annual gift exemption to which you were entitled for 2016/2017, then this can be utilised before 5th April 2018. Please note that any unused allowance for the earlier tax year must be used before the current year’s allowance. It can only be carried forward for one year and then, if unused, it is lost.
Unlimited gifts can also be made in the form of Potentially Exempt Transfers (PETs). Provided you live for 7 years after making the gift, it will be free of inheritance tax.
Please ensure that, should a gift be made by cheque, sufficient time is given for the cheque to clear before 5th April; otherwise it will not be included in the current year’s total.
Tax advice which contains no investment element is not regulated by the Financial Conduct Authority.
Information regarding taxation levels and basis of reliefs are dependent on current legislation and individual circumstances, are not guaranteed and may be subject to change.
Article expiry: 05 Apr 2018
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Alan Neil H