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The Effect Of Gifts On Inheritance Tax

What effect do gifts have on inheritance tax if they are made within the 7 years before you die. These gifts are known as Potentially Exempt Transfers (PETs). You can give away some amountsthat are completely exempt. For example, £3,000 a year plus an unused (or part unused) £3,000 from the previous year. There are other exemptions, but this video deals with the gifts that are over and above the exempt amounts. You can ignore gifts that were made more than 7 years before death. Welcome to Basic Financials! My aim is to teach the world about the basics of finance. As something that is not taught well enough at school, my aim is to educate people into financial literacy, and hopefully save you some money along the way! If you have any questions or video suggestions, put them in the comments section below and I will do my best to get back to you! #basicfinancials #finance #money

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