TaxQuery

Can the £3,000 annual exemption be used to reduce the taxable amount on gifts over the £325,000 IHT threshold? e.g. if I receive a gift worth £328,000 (such as a half share in a house), and assuming the donor did not give any other gifts in that or the previous tax year and dies within the next 7 years, can I apply the £3,000 annual exemption so that the taxable amount is £0 (i.e. IHT threshold of £325,000 plus the £3,000 annual exemption)?