Gifts of money

[eitherofus]

Our son is having a difficult time due to credit crunch. Can I gift him �3000 and also give him monthly amounts of �250 to help with food and bills for his family? He is self employed not receiving or likely to get any benefits.

[Rollo]

You can give him whatever you like whenever you like.

Gifts are not taxable and there are no restrictions on how you dispose of your money.

Theonly potential problem is if you die within a few years of giving money away, when these gifts might be caught by the Inheriance Tax rules. But see the exemptions here:

http://www.hmrc.gov.uk/inheritancetax/pass-mon ey-property/exempt-gifts.htm

[tigwig]

You sound as lovely as my parents! They have been giving us �200 a week for the last 5 months cos my hubby is in exactly the same position!

[cupotee]

Another one here who has been gifting in the form of buying the weekly groceries for nigh on 7 months.

If its in your nature to help, then do it eitherofus. I can sleep in my bed at night knowing they have food to put on the table.