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    • beduth
    • By beduth 10th Feb 18, 11:34 AM
    • 31Posts
    • 12Thanks
    beduth
    Deprevation of assets
    • #1
    • 10th Feb 18, 11:34 AM
    Deprevation of assets 10th Feb 18 at 11:34 AM
    I have come into some money that I do not need. I am keeping some for myself, but would like to give my 4 children some to enjoy. Is it ok to give them say £20,000 each to spend on what they want ? I am 64 in good health and have no intention of dying in the next 20 years.
Page 1
    • Browntoa
    • By Browntoa 10th Feb 18, 11:39 AM
    • 32,467 Posts
    • 38,099 Thanks
    Browntoa
    • #2
    • 10th Feb 18, 11:39 AM
    • #2
    • 10th Feb 18, 11:39 AM
    Yes , as long as you live for 7 years to avoid any tax liability

    If you have other assets as you say it shouldn't be challenged , would only be a problem if you were giving everything away
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Sea Shell
    • By Sea Shell 10th Feb 18, 11:42 AM
    • 520 Posts
    • 516 Thanks
    Sea Shell
    • #3
    • 10th Feb 18, 11:42 AM
    • #3
    • 10th Feb 18, 11:42 AM
    If you're not expecting to claim benefits and you have sufficient other assets to cover any future care needs, then shouldn't ever be an issue.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • beduth
    • By beduth 10th Feb 18, 11:49 AM
    • 31 Posts
    • 12 Thanks
    beduth
    • #4
    • 10th Feb 18, 11:49 AM
    • #4
    • 10th Feb 18, 11:49 AM
    Wife and I are both in good health, and intend to stay that way. Don't envisage ever claiming benefits as we have more than enough to live off. Just that a friend said we could not give the kids more than £3000
    • Sea Shell
    • By Sea Shell 10th Feb 18, 11:54 AM
    • 520 Posts
    • 516 Thanks
    Sea Shell
    • #5
    • 10th Feb 18, 11:54 AM
    • #5
    • 10th Feb 18, 11:54 AM
    As I understand it, The £3000 is only in respect of potential IHT if you don't survive 7 years and IHT would be payable.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • missile
    • By missile 10th Feb 18, 1:35 PM
    • 9,248 Posts
    • 4,545 Thanks
    missile
    • #6
    • 10th Feb 18, 1:35 PM
    • #6
    • 10th Feb 18, 1:35 PM
    Who knows what lies ahead, e.g. you or your wife may need go in to care?
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • Tom99
    • By Tom99 10th Feb 18, 1:45 PM
    • 1,313 Posts
    • 834 Thanks
    Tom99
    • #7
    • 10th Feb 18, 1:45 PM
    • #7
    • 10th Feb 18, 1:45 PM
    If you want to minimise any future IHT then gift your wife £40,000 after which you each gift two children £20,000.
    If you did not gift your £3,000 last year you can add that to this year's £3,000, giving you each a £6,000 allowance. Then if you defer giving the last £3,000 each until 6th April you can use next years allowance as well.
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