Can anybody help clarify this please?
HMRC website states "You can give away gifts worth up to £3,000 in total in each tax year and these gifts will be exempt from Inheritance Tax when you die. You can carry forward any unused part of the £3,000 exemption to the following year, but if you don't use it in that year, the carried-over exemption expires."
Just to be clear my parents can give away £3000 each per financial year and if they died this would not be taken into account by HMRC when calculating IT?
Regarding the carry forward part. They have made no gift so far in 2013/14 does this mean that therefore in 2014/15 they can give away £6000 each?
Many thanks in advance...
HMRC website states "You can give away gifts worth up to £3,000 in total in each tax year and these gifts will be exempt from Inheritance Tax when you die. You can carry forward any unused part of the £3,000 exemption to the following year, but if you don't use it in that year, the carried-over exemption expires."
Just to be clear my parents can give away £3000 each per financial year and if they died this would not be taken into account by HMRC when calculating IT?
Regarding the carry forward part. They have made no gift so far in 2013/14 does this mean that therefore in 2014/15 they can give away £6000 each?
Many thanks in advance...