Gifting to adult children

Ambertambourine

I'd like to sell my £450,000 house and give each of my three adult children £50,000 and then buy myself another house for £300,000. Provided that I live for another 7 years (I am 55 and in receipt of a private pension) is it correct that none of us would have to pay any tax at any time during or after the 7 years on the money gifted?

le_loup

You are correct.
Look up deprivation of assets, although it is unlikely to apply to you.

CLAPTON

Ambertambourine wrote: »

I'd like to sell my £450,000 house and give each of my three adult children £50,000 and then buy myself another house for £300,000. Provided that I live for another 7 years (I am 55 and in receipt of a private pension) is it correct that none of us would have to pay any tax at any time during or after the 7 years on the money gifted?

the IHT allowance is currently 325,000
if you have a wife /husband and you make suitable arrangements, the allowance on second death is 650,000


will this mean you have a IHT liability?