PROMOTION Making use of IHT free gifting Five Points You May Wish To Consider are many IHT reliefs available and while individually the exemptions are not huge, if they are used extensively during your lifetime they can result in grandparent or remoter ancestor and £1,000 to another relative or friend as such no l}is due at the time of gift. If you survive a PET for seven years then it falls outside of your estate The gift must be made in advance of take place 4) Regular gifts out of income abve is a brief summary of the various exemptions. You should seek professional advice, specific to your circumstance, before taking any action in connection with your estate as there may be other taxes to consider significant tax savings. Here are five you may the mariage and the marriage must actually wish to consider 1) Annual exemption You can give away up to £3,000 in any one tax If you have excess income in any tax year year free from IIT. Ifyou haven't utilised your you can give it away free of IIT. The main exemption in the previous year then you can conditions include: carry it forward to the next yeat, giving a limit for that year of 6,000. The annual exemptionThegift must be made from surplus income cannot be carried forward for more than oneThe gift must form part of your normal year and it should be noted that the limit is 3,000 per donor so husband and wife can giftImust not affect your normal standard 6,000 tax free in total cach year For further information, contact T: 0330 124 1399 of living 2) Small gifts You can make gifts of up to E250 per person to your intentions being important It will be as many people as youlike in a tax year, as long necessary to be able to show that the esemption as you have nos claimed another exemption conditions have been met so it will beimportant such as the annual allowance in respect of the to document and retain information which same person A regular pattern of gifts is required, with demonstrates the level of surplus income, the regular gift pattern in operation and your intentions when the gifts were made 3) Gifts upon marriage The amount of the exemption is dependent upon the relationship between the parties imvolved. JO WHITE Tax consutant at Kreston Reoves ) Potentially Exempt Transfers Even if you make gifts in excess of the above imits it does not necessarily mean that you will have an IHT liability, for many gifts are treated a as Potentially Exempt Transfers("PETS) and The exemption limit is 55,000 from a parent on the marriage of a child, £2,500 from KRESTON REEVES Update seminars for charities We are hoshing a FREE seminar providing important information and updates for charities covering saleguarding, managing risk, reporting responsibilifies and diversilying income. Kent Thursday 28 June 2pm - 4:30pm at Hilton Hotel, Maidstone Sussex Thusday 5 July 2:30pm- 5pm at Roffey Park, Horsham London Wednesday 11 Joly-4:30pm-6pm at Bakers Hall For more information or to book your place, contact Steph Dobson Call: +44 0) 330 124 1399 Email: 152 27