queries
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RE: small gift clarification
Small gift allowance Quote :"You can give as many gifts of up to £250 per person as you want each tax year, as long as you have not used another allowance on the same person." Does"another allowance" mean or could mean the £3,000 "annual exemption"??? -
RE: small gift clarification
I am confused about ‘Annual exception’ and ‘Small gift allowance’ Annual exemption You can give away a total of £3,000 worth of gifts each tax year without them being added to the value of your estate. This is known as your ‘annual exemption’. Small gift allowance You can give as many gifts of up to £250 per person as you want each tax year, as long as you have not used another allowance on the same person. If I give a total of £3,000 [Annual exemption] to ‘n’ people in a given tax year, can I then give up to £250 per person [Small gift allowence] to the same ‘n’ people in the same tax year