What can you give away before the end of the tax year?
The end of the tax year 05 April 2019 is fast approaching. Did you know that you can give away £3000 worth of gifts each tax year without them being added to your estate? You can carry forward any unused allowance to the next tax year but the carry forward is limited to one year only.
Also, each tax year you can give away the following:
- Wedding or civil ceremony gifts up to £1000 per person, this increases to £2,500 if the person is your grandchild and then £5,000 if this person is your child
- Normal gifts out of your income such as birthday presents must be proportionate to you being able to maintain your standard of living after giving the gift
- Payments to help with living costs for children under 18 or elderly relatives
- Gifts to charities and political parties
You can give more than one of these gifts to the same person for example give a grandchild a gift for their wedding and birthday in the same tax year. Also, you can give as many gifts of up to £250 per person during the tax year as long as you haven’t used one of the exemptions listed above on the same person.