Gifts to family

[malana-3]

My wife and I have various investments and bank accounts all in joint names. With a view to reducing our inheritance tax liabilities (we are both in our seventies) what is the maximum amounts we can give to our two children annually and keep within the law. Will the fact that everything we have is in joint names affect the amounts we can give. Many thanks.

[Buenchico]

This should help:
http://www.hmrc.gov.uk/inheritancetax/pass-mon ey-property/index.htm

Chris

[buildersmate]

�3000 for each of you, every financial year. This is called the Annual Exemption.

[dzug]

Assuming you survive 7 years from the date of the gift there is no limit to what you can give. Read up about potentially exempt transfers

There are disadvantages though - possible deliberate deprivation of assets with regard to care home fees is the main one