£3k tax rule

McKneff

I know about the 7 year rule for tax but what is this £ek per year thing.

My OH and I want to give both of our children £5K eacg, 1 towards a wedding and 1 to move house, they both have spouses.

Cant do it till March April time when fixed rate Isas mature , what is the best way tax wise please

CLAPTON

the 7 year rule applies to IHT ; are you both expecting to die within 7 years and is you estate more than 650,000?


any way exemptions from the 7 years rule are
each of you can give 5k on the event of a wedding
3k per year each
and you can carry over last years 3k if you wish


so assuming you have made no gifts last you ; between you and your spouse you can make 12k

and 5k each to the one getting married

so you have no problem

see
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

McKneff

Brilliant, thanks Clapton.

No IHT

Didnt know about the £5k wedding thing.

We would rather see the pleasure on their faces now than when Ive popped me clogs.:D