What can you give away before the end of the tax year?

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’.

You can carry any unused annual exemption forward to the next year - but only for one year.

Each tax year, you can also give away:

  • wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child)
  • normal gifts out of your income, for example Christmas or birthday presents - you must be able to maintain your standard of living after making the gift
  • payments to help with another person’s living costs, such as an elderly relative or a child under 18
  • gifts to charities and political parties

You can use more than one of these exemptions on the same person - for example, you could give your grandchild gifts for her birthday and wedding in the same tax year.

Small gifts up to £250

You can give as many gifts of up to £250 per person as you want during the tax year as long as you have not used another exemption on the same person.

Leave a Reply



Member of Russell Bedford International - a global network of independent professional service firms
 Privacy Policy  Cookies Policy  Recruitment

Jerroms is a trading style of both Jerroms Business Solutions Limited (Co ref no as already shown) and Jerroms (Bromsgrove) Limited (company ref no as already shown). Registered office for each of these companies is: The Exchange, Haslucks Green Road, Shirley, Solihull, West Midlands, B90 2EL.

© 2018 Jerroms Business Solutions Ltd

Back to Top