A/E for IHT

On 1 July 2022, Sameer made a gift of £2,500 to his sister.
On 1 May 2023, he made a cash gift of £2,000 to a friend.
On 1 June 2023, he made a cash gift of £50,000 to a trust.

Sameer has not made any other lifetime gifts.

In respect of Sameer’s cash gift of £50,000 to the trust, what is the lifetime transfer of value for IHT purposes after taking account of all available exemptions?

– £48,500
– £44,000
– £46,000
– £46,500

Answer: £48,500

Dear Tutor,
I am why the answer £46,000 was not considered?

Since there were no other lifetime gifts, the A/E for 2021/22 would have been available in full. So it could be used up to cover the first gift. That would have allowed for the 2022/23 A/E to be fully available. Then there would have been £1000 remaining from 2022/23 and £3000 for 2023/24.

I would be grateful if you could help me clarify this.
Thank you.