cash gift to my children

dzug1

Rocksteddie wrote: »

Does anyone know if there is a tax liability if I give my son & his wife a £20k gift to help them put a deposit down on their house?

There is no tax liability other than the potential for inheritance tax should you not survive 7 years

Note that your son's mortgage company may well take a keen interest in where the money came from and may want you to sign a declaration that it's a gift and that you do not gain any interest in the property as a result of it and do not intend to live there. If you are unlucky they may require a solicitor to provide or at least witness such a letter.

John_Pierpoint

You may trigger the money laundering regulations depending on how you give the money to your offspring.
(Someone young getting a nice big payment, just might be a criminal)
Perhaps splitting the payment would help.
http://www.hmrc.gov.uk/mlr/index.htm