Gifting Money

Al_Ross

What are the tax rules on gifting money to Grandchildren ?

Kakane

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.

le_loup

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.

xylophone

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.

Zahhan

I've never heard...:)