You are entitled to give away an Inheritance Tax-free gift of £3000 annually. Such gifts are dubbed by HMRC as ‘exempted gifts’. If you have not used annual exemption in any tax year, you can carry it forward to the next tax year; but you can carry it forward for 1 year only.

Likewise, you can also make small gifts worth up to £250 each to as many people as you want, provided that you already have not used any other exemption for that person. 

You can also make regular gifts from your disposable income tax-free. However, you need to take great care while doing so. You need to ensure that your lifestyle is not impacted when making these gifts and also that these regular gifts are habitual in nature. 

Sounds complex? You need not worry as we have got your back. 

At IBISS & CO, our tax advisers have saved hundreds of thousands of pounds of individuals in terms of Inheritance Tax. They can do the same for you. 

Reach out to us today for a 15-Minute Free Call.

To make the most out of your year-end tax planning, reach out to our experts now. We, here at IBISS & CO, will craft a strategy that will provide security and the best structure for your financial matters.

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