Gifting money

[Twospaniels]

Just seen the limit is up to £3000 per tax year.
Can my dad give me and my sisters £3000 each or is it £3000 total, so £1000 each - there are 3 of us.
He’s unlikely to live another 7 years. He wants to sell his car and give us the money

£3k total, but if he didn't use last years he can bring that forward.

www.gov.uk/inheritance-tax/gifts

The other thing he can do is buy gifts for you. Maybe small things, but do you need any household items?

Your Dad can gift 3K in total each year.
But, if he gets a move on, he could roll up last years and this years allowance, and then in April you get a third years allowance. So each child could get 3k if 6k is gifted before 6April, and the remaining 3k after the 6th April.

Yes, he can give you £6 each this month ( if he didn’t last year) plus £3 in April so £9000 each.
It’s only if the money you inherit when he dies ( in next 7 years) is above the inheritance tax level though. I inherited £150000 from my dad 2 years ago and he had given me new kitchen money 4 years before he died but wasn’t over the limit if you see what I mean

It’s not joint with anyone else, it’s per person

@Knittingnanny

It’s not joint with anyone else, it’s per person

The per person is the person giving the money.

While he can give £3k to each of them only the 1st £3k would be exempt. The remaining 2 x £3k would them be potentially exempt transfers and then fall in to IHT when he dies.
Will his estate be over the IHT threshold OP?

www.gov.uk/inheritance-tax

This link explains the allowances if you click on the gifts section.

Thank you everyone

The £3k is only relevant for inheritance tax purposes. If he doesn't die within 7 years he can give you any amount.