How Much Gift To Children In 2024. This is known as the annual gift tax exclusion. If he died within 7 years of the gift, this would use £2,000 of his annual exemption.

In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability. In the following 2023 to 2024 tax year, mark gave £4,000 to his other daughter sarah.