Overview

annual exemption


Show Summary Details

Quick Reference

An exempt transfer under inheritance tax legislation allowing £3000 to be given each year as a gift without liability to inheritance tax. This has remained unchanged since 6 April 1981. Spouses or civil partners each have their own exemption. If the exemption is not used or not fully used during a fiscal year, the amount not used can be carried forward to the next tax year only, to cover gifts made in that following year.

Subjects: Accounting.


Reference entries

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.