Cash Gifts For Family

[tooj]

If I wish to give cash gifts to my children (Who are grown up but struggling on minimum wage jobs) how much can I give them without the Govt . council or tax people getting involved.
I am in my eighties.

[tamborine]

Is it a bank withdrawal, cheque or cash ?

[Guilbert53]

Be aware that if you give a large lump sum to your children and they are getting benefits it could affect the benefits they get (if the authorities find out).

[Jackdaw33]

Also be aware that unless you survive another 7 years Inheritance Tax rules come into play, depending on the size of the sum involved.

[tamborine]

Too much efff red tape! Give any amount in cash & warn recipients not to pay into bank, as I do.

[themas]

You can give away a total of £3000 per year without it affecting anything. If you give more you have to live for 7 years before it falls out of your estate for inheritance tax. But if your estate will be less than £325,000 there would be no inheritance tax anyway.

If the people you give to are on means tested benefits they are allowed to have £6000 in savings before it affects the amount of the benefit.