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Gifting Money
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Al_Ross
Posts: 974 Forumite
in Cutting tax
What are the tax rules on gifting money to Grandchildren ?
0
Comments
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HM Revenue and Customs:
Annual exemption of £3K per annum is permitted, with the ability to carry forward any unused portion of the £3K from the previous tax year; reads £6K this tax year if you didn't gift anything in the 2011/12 tax year.0 -
No, no, no.
Please people, read previous threads - there must be two each day.
There is no tax on gifts in the UK. The others are quoting Inheritance Tax rules which most people can ignore.0 -
The others are quoting Inheritance Tax rules which most people can ignore.
But not all. Here is the link to HMRC site. http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm
You can give any money you like to anybody you like but if your estate becomes subject to IHT, these are the rules.0 -
I've never heard...:)0
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