Advice please

[Patti9]

My daughter helps me a lot and I would like to give her a regular gift from my dispoable income. Is this allowed?

[Thunderchild]

in what way / context ? you are free to do with your possesions / income what ever you please as far as I know, I was gifted an entire house with the purpose of keeping it out of the marriage breakup lawsuit and meaning that upon our parents death inheritance tax would not be due, there was no issue at all and all it cost was the solicitors paperwork fees

[Patti9]

Its the tax implications I was wondering about really. She has a small income from some bonds which is currently under her personal tax threshold and my regular money gift would'nt take her over the threshold. I wish I could give her more but then she would have to declare it for tax. Sory I'm not too sure on these matters

[Hawkwalk]

there is no gift tax in the uk so you do not have to declare it. The only time tax will apply is on inheritance if you should die within 7 years of giving the gift and it is above the threshold.

[Captain Spod]

Further to Hawkwalk above..
Inheritance tax will not be an issue even if you die within 7 years as long as the making of these gifts does not reduce your standard of living. It is one of the exemptions, and depending on the amount of each gift, there may be others you can claim.

[Patti9]

Thank you very much for your replies. If I understand this correctly, I can give her a regular amount as a gift and if she puts in her Bank, she doesn't have to declare it?

[dzug]

Correct

It would be worth you keeping evidence that it is from regular income in case of any IHT comeback.