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Giving Money To Children Under 18
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Ginger_Chesney
Posts: 2 Newbie
Hi All
Does anyone know how much money I can give to my children each year without it being subjected to any taxes? My children are under 18 and will be for some time yet. I am married, live in the UK with my children.
Also, if there is a limit is this based on the receiver (the child) or the person gifting the money?
Many thanks in advance
GC
Does anyone know how much money I can give to my children each year without it being subjected to any taxes? My children are under 18 and will be for some time yet. I am married, live in the UK with my children.
Also, if there is a limit is this based on the receiver (the child) or the person gifting the money?
Many thanks in advance
GC
0
Comments
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Great and many thanks Nickj
Regards
Go0 -
We don't have Gift Tax in the UK.
If you have so much money and assets your estate might pay Inheritance Tax then giving it away is fine as long as you survive 7 years.
The only other consideration is if the recipient is in receipt of state benefits they might lose some if their own savings are over a certain amount.I am the Cat who walks alone0
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