Can I give my annual £3000 allowance to a family trust?
11 October 2022
Question by Cheryl
Can I give my annual £3000 allowance to a family trust, without it counting towards Inheritance Tax, please?
Answered by Bodie Dove
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’.
You can give gifts or money up to £3,000 to one person or split the £3,000 between several people.
You can carry forward any unused annual exemption to the next tax year - but only for one tax year.
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