osborne book task 7.5

kelly2021
kelly2021 Registered Posts: 15
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!

Comments

  • Pian32
    Pian32 MAAT Posts: 413
    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
    AAT Level 4, MAAT
    ACCA in progress
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  • kelly2021
    kelly2021 Registered Posts: 15
    Thanks @Pian32 ! I got it! Thank you very much.
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