Bexons Accountants

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current tax 2022-23 tax year that will end on 5 April 2023

You can give away up to £3,000 worth of gifts each tax year This is known as your annual exemption Any unused part of the annual exemption can be carried forward, but only for one year So, if you didn’t make any cash gifts in 2021-22, you could gift up to £6,000 this tax year

You can also give as many small gifts of up to £250 per person as you want during the tax year but only if you haven’t used another exemption on the same person There is no IHT to pay on lifetime gifts between you and your spouse or civil partner as long as you both live permanently in the UK

Other gifts, outside these limits, count towards the value of your estate and should be carefully considered

Schedule a Free Consultation

For help with either phase, please schedule a telephone/video call appointment with us as soon as possible