Record every gift, use every exemption – and know where you stand on the 7-year clock
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Gifts you make in your lifetime can reduce inheritance tax – but only if they are exempt, or you survive them by 7 years. When you die, your executors must list every gift from the last 7 years (and gifts into trust from the last 14) and prove any exemption claimed. Most families find this very hard years later. This workbook keeps the record as you go: it applies each exemption automatically, tracks each gift's 7-year clock, shows the tax that would be due if death happened on a date you choose, and lists the evidence your executors will need.
See how it works
The sheets you will use most, in the order you will use them – shown with the sample data every workbook comes with.
Step 1
Every gift and how it is treated – exemptions, clocks, lifetime tax and tax on death. What you do: enter the yellow columns, one row per gift.
Step 2
Surplus income by tax year to support regular gifts. What you do: enter income, tax and normal spending.
Step 3
The paperwork each gift needs, and whether you have it. What you do: mark Yes / No.
Step 4
The £3,000 exemption for every tax year – used, carried forward and lost. What you do: nothing – it is automatic.
Who it is for
Quick start
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Part of AML Finance Group
Our sister firm, AML Accountancy Solutions, is an award-winning accountancy practice helping businesses and individuals across the UK with their accounts, tax, bookkeeping and payroll.
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