Tax Free Gift Limit 2024 Uk

Tax Free Gift Limit 2024 Uk. Some gifts are exempt from inheritance tax especially those made more than 7 years before the person died. For many people, gifting money while they’re living is a means of avoiding some inheritance tax, which is levied at 40% on the value of an estate over £325,000.

The limit increases to £5,000 for a child, and £2,500 for. Each tax year you get what’s called an ‘annual exemption’, which allows you to give £3,000 as a gift, tax free, without it being added to the value of your estate.