Tax Question:

Hi just a few questions.

Re Gifting allowance of £250 per person with no limit, is it possible to use up any retrospective years on this? I know you can go back on the £3,000 one year.

Re Gifting allowances, is it allowable to put the gifted cash £250 etc into trust so that you put it in for say 10 people every year, they are beneficiaries? If not, can they also be considered as settlors on a trust, all 10+you, and they put it in of their own free will and accord?

Thanks!

Answer:

Re Gifting allowance of £250 per person with no limit, is it possible to use up any retrospective years on this? I know you can go back on the £3,000 one year.

No, I'm afraid you can't carry this forward if its unused.

Re Gifting allowances, is it allowable to put the gifted cash £250 etc into trust so that you put it in for say 10 people every year, they are beneficiaries? If not, can they also be considered as settlors on a trust, all 10+you, and they put it in of their own free will and accord?

The £250 exemption doesn't apply to transfers into or out of trusts although it can apply to an absolute gift in trust for a minor.

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