osborne book task 7.5

kelly2021

Hello

Can anyone please help me with this one?

£6000 has already been deducted.

How come another £3000 can be deducted from the gift to josie?

Thank you very much, any help would be much appreciated!

Pian32

It's to do with the tax year the transfer is made.

The first transfer is in the 18/19 year and uses the exempt amount from the 17/18 and 18/19 years. (6,000)

The second one with Josie is in the 19/20 year and so uses the exempt amount from the 19/20 year. (3,000)

I hope this helps

kelly2021

Thanks @Pian32 ! I got it! Thank you very much.