Money to Student Grandchildren

Susan1942

I have decided to give my 2 Grandchildren who are at University a monthly .allowance . My Daughter has had 2 difficult years earning a lot less money This gas stretched the family to the extent they have got a considerable overdraft .

My Daughter has started a new job in August still earning less than she did 2 years ago. Until they get back on their feet I am paying money into the Grandchildren's bank accounts every 4 weeks .This is money from my income and not from savings .

Are there any tax implications .

Sue

xylophone

They are regular gifts from surplus income?

https://www.howardkennedy.com/media/504667/gifts-out-of-income.pdf

xylophone

http://www.which.co.uk/money/tax/guides/inheritance-tax-explained/inheritance-tax-planning-and-tax-free-gifts/
may also be of interest.

Susan1942

Thanks for that Looks like it is ok.
The eldest Grandchild is in his final year but the other one gas just started
Once my Daughter and SIL are in a better financial position I can step back
Sue

Dird

xylophone wrote: »

http://www.which.co.uk/money/tax/guides/inheritance-tax-explained/inheritance-tax-planning-and-tax-free-gifts/
may also be of interest.

It's a joke that you can gift £10k to a political party without issue but not to grand kids