Inheritance Tax

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From the Inland Revenue website

They can gift you up to £3000 in any one tax year without any liability arising, and any unused amount in one year can be carried to the next (but no further). In any case, IHT is only chargeable if they die within seven years of making the gift. The full details are available from: http://www.inlandrevenue.gov.uk/pdfs/iht2.pdf