Exceeding the annual £3000 Gift limit

[Segilla]

I'm 76 and 3 months ago stupidly gave my daughter £6K, thinking this was the maximim. I appreciate there is nothing wroing in that but the penalty for dying before 7 years have expired is an unnecessary one.
A spendthrif, I organised a SIPP for her.

How to retrieve the situation?
Treat the amount as 50% gift and 50% loan and get her to repay £3K now, (to be given back to her in the next tax year), backed up by letters appropriately backdated making the position clear.
Any other suggestions or comment welcome.

[bednobs]

i guess you are talking baout inheritance tax? if so, don't really understand your worry - even if IHT was 50% (which it isn't) then should you die and she has to pay IHT it'll only be on £3000 extra

[factor-fiction]

I agree with bednobs. The estate must be pretty substantial for the benficiaries. IHT is 40%.
When you do eventually leave this earth will anyone even know about your £6000 gift?

[dzug]

You can give two years gifts (as one payment) together as long as there are no other gifts in the two tax years concerned.

So you are probably in the clear anyway - no action needed.

Depending on the size of your eventual estate, there might be no 'penalty for dying before 7 years' . Gifts are added back into your estate, not taxed automatically.

[R1Geezer]

There is no tax on gifts, just give her what you want. if you die within 7 years ther may be IHT implications but that's taperred anyway and only if your estate is over a certain amount £250K I think and for 6k no ones going to even notice!