ChatterBank0 min ago
Cash Gifts For Family
5 Answers
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.
I am in my eighties.
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.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.
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.