We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gifting Money
Al_Ross
Posts: 977 Forumite
in Cutting tax
What are the tax rules on gifting money to Grandchildren ?
0
Comments
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards