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Thread: Yearly allowance

  1. #1
    Join Date: Nov 2011

    Location: Wakefield west yorkshire

    Posts: 1,930
    I'm James.

    Default Yearly allowance

    Evening all, can anyone inform me as to the yearly amount I can give away as a gift each year? With out incurring tax if I croak it!! From my limited research I'm getting 3grand, but is this as a whole or can I give 3grand to 2 or more people each year? Cheers Jim
    novafidelity x40 music server/pre/dac, Arcam A39, roksan k3 power amp,Monitor Audio Monitor 50, Dali spektor 1, van damme interconnects and speaker cable, roskan k3 CD player

  2. #2
    Join Date: Feb 2013

    Location: W Lothian

    Posts: 99,005
    I'm Grant.

    Default

    Exempted gifts

    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.

    Each tax year, you can also give away:

    wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child)
    normal gifts out of your income, for example Christmas or birthday presents - you must be able to maintain your standard of living after making the gift
    payments to help with another person’s living costs, such as an elderly relative or a child under 18
    gifts to charities and political parties

    You can use more than one of these exemptions on the same person - for example, you could give your grandchild gifts for her birthday and wedding in the same tax year.
    Regards,
    Grant .... ؠ ......Don't be such a big girl's blouse

    I've said it before and I'll say it again: democracy simply-doesn't-work
    .... ..... ...... ...... ................... ..... ..... ..... ..... .....
    FIIO K7 BT, M11 PLUS, BTR7, KA5 - OPPO BDP-103D - PANASONIC UB450 - PANASONIC 4K ULTRA HD TV - PIXEL 6 - AVANTREE LR BLUETOOTH - 2* X600 SOUNDCORE - HEADPHONES INCLUDE, FIIO, NURAPHONES', FOCAL, OPPO, BOSE, CAMBRIDGE, BOWER & WILKINS, DEVIALET, MARSHALL, SONY, MITCHELL & JOHNSTON - 2*ZBOOK'S- MERCURY BD ROM, ROON, QOBUZ, TIDAL, PLEX, CYBERLINK, JRIVER - MULTI HDD'S -

    Oh my god! There's nothing wrong with the bidet is there?

    “Nothing discloses real character like the use of power. It is easy for the weak to be gentle. Most people can bear adversity. But if you wish to know what a man really is, give him power. This is the supreme test. It is the glory of Lincoln that, having almost absolute power, he never abused it, except on the side of mercy".

    “You see these dictators on their pedestals, surrounded by the bayonets of their soldiers and the truncheons of their police ... yet in their hearts there is unspoken fear. They are afraid of words and thoughts: words spoken abroad, thoughts stirring at home -- all the more powerful because forbidden -- terrify them. A little mouse of thought appears in the room, and even the mightiest potentates are thrown into panic.”

    "You don't have free will. You have the appearance of free will.”

    “There's a war out there, old friend. A world war. And it's not about who's got the most bullets. It's about who controls the information. What we see and hear, how we work, what we think... it's all about the information!”


    ***SMILE, BE HAPPY***

  3. #3
    Join Date: Nov 2011

    Location: Wakefield west yorkshire

    Posts: 1,930
    I'm James.

    Default

    Quote Originally Posted by struth View Post
    Exempted gifts

    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.

    Each tax year, you can also give away:

    wedding or civil ceremony gifts of up to £1,000 per person (£2,500 for a grandchild or great-grandchild, £5,000 for a child)
    normal gifts out of your income, for example Christmas or birthday presents - you must be able to maintain your standard of living after making the gift
    payments to help with another person’s living costs, such as an elderly relative or a child under 18
    gifts to charities and political parties

    You can use more than one of these exemptions on the same person - for example, you could give your grandchild gifts for her birthday and wedding in the same tax year.
    Ta Grant, so if I have two nieces, I can give them £1500 each, each year with no come back? I do find these things a bit aaarggh!!
    novafidelity x40 music server/pre/dac, Arcam A39, roksan k3 power amp,Monitor Audio Monitor 50, Dali spektor 1, van damme interconnects and speaker cable, roskan k3 CD player

  4. #4
    Join Date: Feb 2013

    Location: W Lothian

    Posts: 99,005
    I'm Grant.

    Default

    Quote Originally Posted by Pieoftheday View Post
    Ta Grant, so if I have two nieces, I can give them £1500 each, each year with no come back? I do find these things a bit aaarggh!!
    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’.
    thats what that says to me, yes. there is a 7 year rule as well for gifts that are counted afaik..ie after 7 years they no longer become part of your estate.

    Personally I dont agree with retaxing someone on the money they have or wish to give away. Its already been taxed and the govt should bog off.
    Regards,
    Grant .... ؠ ......Don't be such a big girl's blouse

    I've said it before and I'll say it again: democracy simply-doesn't-work
    .... ..... ...... ...... ................... ..... ..... ..... ..... .....
    FIIO K7 BT, M11 PLUS, BTR7, KA5 - OPPO BDP-103D - PANASONIC UB450 - PANASONIC 4K ULTRA HD TV - PIXEL 6 - AVANTREE LR BLUETOOTH - 2* X600 SOUNDCORE - HEADPHONES INCLUDE, FIIO, NURAPHONES', FOCAL, OPPO, BOSE, CAMBRIDGE, BOWER & WILKINS, DEVIALET, MARSHALL, SONY, MITCHELL & JOHNSTON - 2*ZBOOK'S- MERCURY BD ROM, ROON, QOBUZ, TIDAL, PLEX, CYBERLINK, JRIVER - MULTI HDD'S -

    Oh my god! There's nothing wrong with the bidet is there?

    “Nothing discloses real character like the use of power. It is easy for the weak to be gentle. Most people can bear adversity. But if you wish to know what a man really is, give him power. This is the supreme test. It is the glory of Lincoln that, having almost absolute power, he never abused it, except on the side of mercy".

    “You see these dictators on their pedestals, surrounded by the bayonets of their soldiers and the truncheons of their police ... yet in their hearts there is unspoken fear. They are afraid of words and thoughts: words spoken abroad, thoughts stirring at home -- all the more powerful because forbidden -- terrify them. A little mouse of thought appears in the room, and even the mightiest potentates are thrown into panic.”

    "You don't have free will. You have the appearance of free will.”

    “There's a war out there, old friend. A world war. And it's not about who's got the most bullets. It's about who controls the information. What we see and hear, how we work, what we think... it's all about the information!”


    ***SMILE, BE HAPPY***

  5. #5
    Join Date: Nov 2011

    Location: Wakefield west yorkshire

    Posts: 1,930
    I'm James.

    Default

    Well I can't argue with you there, other folk telling us what we can do with our fold gets my goat! Ta for the input
    novafidelity x40 music server/pre/dac, Arcam A39, roksan k3 power amp,Monitor Audio Monitor 50, Dali spektor 1, van damme interconnects and speaker cable, roskan k3 CD player

  6. #6
    Join Date: Feb 2013

    Location: W Lothian

    Posts: 99,005
    I'm Grant.

    Default

    you can always draw smaller amounts out over the year in cash and then give it away the next year. no-one is going to be any the wiser tbh as long as its not regular... hey, youve got a gambling habit lol
    Regards,
    Grant .... ؠ ......Don't be such a big girl's blouse

    I've said it before and I'll say it again: democracy simply-doesn't-work
    .... ..... ...... ...... ................... ..... ..... ..... ..... .....
    FIIO K7 BT, M11 PLUS, BTR7, KA5 - OPPO BDP-103D - PANASONIC UB450 - PANASONIC 4K ULTRA HD TV - PIXEL 6 - AVANTREE LR BLUETOOTH - 2* X600 SOUNDCORE - HEADPHONES INCLUDE, FIIO, NURAPHONES', FOCAL, OPPO, BOSE, CAMBRIDGE, BOWER & WILKINS, DEVIALET, MARSHALL, SONY, MITCHELL & JOHNSTON - 2*ZBOOK'S- MERCURY BD ROM, ROON, QOBUZ, TIDAL, PLEX, CYBERLINK, JRIVER - MULTI HDD'S -

    Oh my god! There's nothing wrong with the bidet is there?

    “Nothing discloses real character like the use of power. It is easy for the weak to be gentle. Most people can bear adversity. But if you wish to know what a man really is, give him power. This is the supreme test. It is the glory of Lincoln that, having almost absolute power, he never abused it, except on the side of mercy".

    “You see these dictators on their pedestals, surrounded by the bayonets of their soldiers and the truncheons of their police ... yet in their hearts there is unspoken fear. They are afraid of words and thoughts: words spoken abroad, thoughts stirring at home -- all the more powerful because forbidden -- terrify them. A little mouse of thought appears in the room, and even the mightiest potentates are thrown into panic.”

    "You don't have free will. You have the appearance of free will.”

    “There's a war out there, old friend. A world war. And it's not about who's got the most bullets. It's about who controls the information. What we see and hear, how we work, what we think... it's all about the information!”


    ***SMILE, BE HAPPY***

  7. #7
    Join Date: Nov 2011

    Location: Wakefield west yorkshire

    Posts: 1,930
    I'm James.

    Default

    Quote Originally Posted by struth View Post
    you can always draw smaller amounts out over the year in cash and then give it away the next year. no-one is going to be any the wiser tbh as long as its not regular... hey, youve got a gambling habit lol
    No!! Got a relative with dementia so we are trying to do our best, I just don't want to bugger things up
    novafidelity x40 music server/pre/dac, Arcam A39, roksan k3 power amp,Monitor Audio Monitor 50, Dali spektor 1, van damme interconnects and speaker cable, roskan k3 CD player

  8. #8
    Join Date: Feb 2013

    Location: W Lothian

    Posts: 99,005
    I'm Grant.

    Default

    Quote Originally Posted by Pieoftheday View Post
    No!! Got a relative with dementia so we are trying to do our best, I just don't want to bugger things up
    call the tax office and ask. sure they can help if in doubt James
    Regards,
    Grant .... ؠ ......Don't be such a big girl's blouse

    I've said it before and I'll say it again: democracy simply-doesn't-work
    .... ..... ...... ...... ................... ..... ..... ..... ..... .....
    FIIO K7 BT, M11 PLUS, BTR7, KA5 - OPPO BDP-103D - PANASONIC UB450 - PANASONIC 4K ULTRA HD TV - PIXEL 6 - AVANTREE LR BLUETOOTH - 2* X600 SOUNDCORE - HEADPHONES INCLUDE, FIIO, NURAPHONES', FOCAL, OPPO, BOSE, CAMBRIDGE, BOWER & WILKINS, DEVIALET, MARSHALL, SONY, MITCHELL & JOHNSTON - 2*ZBOOK'S- MERCURY BD ROM, ROON, QOBUZ, TIDAL, PLEX, CYBERLINK, JRIVER - MULTI HDD'S -

    Oh my god! There's nothing wrong with the bidet is there?

    “Nothing discloses real character like the use of power. It is easy for the weak to be gentle. Most people can bear adversity. But if you wish to know what a man really is, give him power. This is the supreme test. It is the glory of Lincoln that, having almost absolute power, he never abused it, except on the side of mercy".

    “You see these dictators on their pedestals, surrounded by the bayonets of their soldiers and the truncheons of their police ... yet in their hearts there is unspoken fear. They are afraid of words and thoughts: words spoken abroad, thoughts stirring at home -- all the more powerful because forbidden -- terrify them. A little mouse of thought appears in the room, and even the mightiest potentates are thrown into panic.”

    "You don't have free will. You have the appearance of free will.”

    “There's a war out there, old friend. A world war. And it's not about who's got the most bullets. It's about who controls the information. What we see and hear, how we work, what we think... it's all about the information!”


    ***SMILE, BE HAPPY***

  9. #9
    Join Date: Sep 2014

    Location: brighton uk.

    Posts: 4,737
    I'm jamie.

    Default

    you sound clued up grant,if you are can i do anything to reduce my tax on paye?
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  10. #10
    Join Date: Nov 2011

    Location: Wakefield west yorkshire

    Posts: 1,930
    I'm James.

    Default

    Quote Originally Posted by struth View Post
    call the tax office and ask. sure they can help if in doubt James
    Thanks Grant,will def do my homework
    novafidelity x40 music server/pre/dac, Arcam A39, roksan k3 power amp,Monitor Audio Monitor 50, Dali spektor 1, van damme interconnects and speaker cable, roskan k3 CD player

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