Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • where are we
    • By where are we 7th Feb 18, 12:30 PM
    • 185Posts
    • 51Thanks
    where are we
    Inheritance tax question
    • #1
    • 7th Feb 18, 12:30 PM
    Inheritance tax question 7th Feb 18 at 12:30 PM
    We help our children fund their high interest current accounts by monthly standing orders of usually £1000 in from us and then they return the £1000 a couple of days later. For inheritance purposes, does this count as gifting an annual £12000 to each child for each account?
Page 1
    • noh
    • By noh 7th Feb 18, 12:43 PM
    • 5,154 Posts
    • 3,482 Thanks
    noh
    • #2
    • 7th Feb 18, 12:43 PM
    • #2
    • 7th Feb 18, 12:43 PM
    No. Because it is not a gift.
    • xylophone
    • By xylophone 7th Feb 18, 3:37 PM
    • 24,450 Posts
    • 14,322 Thanks
    xylophone
    • #3
    • 7th Feb 18, 3:37 PM
    • #3
    • 7th Feb 18, 3:37 PM
    It is a (very) short term loan rather than a gift?
    • kidmugsy
    • By kidmugsy 7th Feb 18, 8:56 PM
    • 10,169 Posts
    • 6,905 Thanks
    kidmugsy
    • #4
    • 7th Feb 18, 8:56 PM
    • #4
    • 7th Feb 18, 8:56 PM
    Just be sure to document it: write each other letters with details of the relevant bank accounts. It will be a great help to whoever is dealing with your affairs if you pop your clogs in the next seven years.
    Free the dunston one next time too.
    • Newly retired
    • By Newly retired 8th Feb 18, 4:32 PM
    • 2,318 Posts
    • 2,699 Thanks
    Newly retired
    • #5
    • 8th Feb 18, 4:32 PM
    • #5
    • 8th Feb 18, 4:32 PM
    I am not sure why you need to do this.
    I circulate money between my own current accounts to qualify for interest and other incentives. I donít need to involve anyone else.

    I agree that in your situation you are talking about short term loans, not gifts, but it is a good idea to keep records.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,032Posts Today

9,834Users online

Martin's Twitter