You can give away £3,000 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate.
This is known as your ‘annual exemption’.
You can carry any unused annual exemption forward to the next year – but only for one year.
How much can I gift someone tax free in 2019?
The annual exclusion for 2014, 2015, 2016 and 2017 is $14,000. For 2018 and 2019, the annual exclusion is $15,000.
How much can I accept as a gift?
For the 2017 tax year, individual taxpayers can give up to $14,000 to each person in a single year without having to pay taxes on the gift. This number rises to $15,000 for the 2018 tax year.
How much can I gift someone tax free in 2018?
Annual Gift Tax Exemption
For 2017, the exclusion is $14,000 per recipient. In 2018, it increases to $15,000 per recipient.
How much can you gift to a child UK?
This is a tax free allowance for gifting money, that everyone gets each year. The annual allowance is £3,000 for the 2017/18 tax year, which means you can gift up to £3,000 to your children (or to anyone else you choose) without paying inheritance tax.