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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5411
Experience:  FCCA - over 40 years experience as a qualified accountant (UK based Practitioner)
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I would like to clarify the rules in relation to inheritance

This answer was rated:

I would like to clarify the rules in relation to inheritance tax free gifts.
Assistant: Have you talked to a tax professional about this?
Customer: I have done so but myself and my family have different perceptions as to how it works and cannot agree about it.
Assistant: Anything else you want the Accountant to know before I connect you?
Customer: the misunderstanding is in relation to how much is allowed to give to each person.

Hello and welcome to JustAnswer. I am here to help you. Please expand on your question "myself and my family have different perceptions as to how it works and cannot agree about it."
Many thanks

Customer: replied 23 days ago.
does the £3000 limit mean that I can give a total of gifts or does it mean that I can give up to £3000 to each person?

Thank you for your reply.

The total amount you can give in gifts in an tax year while you're alive (your 'annual exemption') The limit is £3,000.

This total amount limit is explained under "What is the 'annual exemption' for inheritance tax?" here

https://www.which.co.uk/money/tax/inheritance-tax/inheritance-tax-planning-and-tax-free-gifts-aw1mb2n7snwx

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 23 days ago.
does that mean that the £3000 has to be shared between my children or is it £3000 per child?

Thank you for your reply.

The limit is not per child but annual exemption in total.

If you have 4 children and you wish to give them equal amounts then it's £750 per child.

I hope this is helpful and answers your question.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 23 days ago.
Thank you for your time. your last response gave me the clarification that we required.

I thank you for accepting my answer.

Best wishes.