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Cash Gifts For Family

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tooj | 15:04 Wed 17th May 2017 | Business & Finance
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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.
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Is it a bank withdrawal, cheque or cash ?
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).
Also be aware that unless you survive another 7 years Inheritance Tax rules come into play, depending on the size of the sum involved.
Too much efff red tape! Give any amount in cash & warn recipients not to pay into bank, as I do.
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.

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Cash Gifts For Family

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