Personal Tax Assesment 2 Question 1:12

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KAF
KAF Registered Posts: 32
in Personal Tax

Hi,

I understand why the wedding gift is exempt but not sure why the cash gift of £2,000 is exempt since i thought the small gift exemption was £250?

Could somebody assist me with this please?



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  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
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    Annual exemption of £3,000. (Can be carried forward 1 year if not used)

    The reason it doesn't count for the later cash gift (10/9/20) is that it'd be absorbed by the holiday gift earlier in the year.
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
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    SBR - Passed Mar 22
    ATX - Passed Dec 21
    APM - Passed June 22

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