Is there a maximum limit to cash gifts (above the 12,000 GBP)that are non-taxable if you live for 7 years?

Answer 1

No max limit-''You can give away anything – cash, property, cars – of any value, to anyone you like, and potentially escape IHT altogether. Sound too good to be true? That’s because it is. Firstly, gifts with strings attached don’t count, so forget giving your house to a child and then insisting on continuing to live in it, for example. Secondly, the exemption only works if you survive at least seven years after making the gift – so you can’t just sign everything over on your deathbed. Should you die before the seven years are up, the recipient can be taxed on the value of the gift up to the full 40% rate, with taper relief depending on how far through the seven years you survived. Predicting your own death is, of course, pretty tricky, so if you plan to take advantage, start making gifts as soon as possible and then stick with the fitness regime! Again, take some tax advice on big gifts, because although you can reduce IHT by giving away an asset, you might be hit from another direction, with a capital gains tax bill. ''

Answer 2

You can give away however much you like. If you die within 7 years the recipient may be liable for Inheritance Tax.