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Small Gifts

This topic has 1 reply, 2 voices, and was last updated 9 years ago by chriskenny.

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December 4, 2015 at 4:00 pm #287585
efarquha
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9 During the tax year 2014–15, Mildred made the following cash gifts to her grandchildren:
(1) £400 to Alfred
(2) £140 to Minnie
(3) A further £280 to Minnie
(4) £175 to Winifred
Which of the gifts will be exempt from inheritance tax under the small gifts exemption?
A 1, 2, 3 and 4
B 2, 3 and 4 only
C 2 and 4 only
D 4 only
Can you help me with this? The answer given was D, with no explanation. However, the book says small gifts up to 250 are exempt from inheritance tax.
December 4, 2015 at 5:27 pm #287606
chriskenny
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As the cumulative total of gifts to Minnie is over £250, the small gift exemption is not allowed.
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