Ask a Law Question, Get an Answer ASAP!
Hello my name is ***** ***** I will help you with this.
You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate. This is known as your ‘annual exemption’.
Each person can do this. So grandad can do this too
Can I clarify anything for you about this today please?
No. He can only give away £3000 tax free also in money.
He can give anything else away, ie property etc and if he lives for 7 years then no tax is payable
Does that clarify?