Gifting money TO parents, limits and tax

David_Aston

"The gift allowance is relevant to your son, the donor, not you."

It was your post 7, which caused me to ask the question purdy.

SuperHan

If your estate is in IHT territory, then it may be worth your son loaning you the £10k, repayable on your death.

This is a debt on your estate and so is deducted for IHT, although will still sit in your sons. But given he is likely to outlive you that shouldn't be an issue.

Keep_pedalling

SuperHan wrote: »

If your estate is in IHT territory, then it may be worth your son loaning you the £10k, repayable on your death.

This is a debt on your estate and so is deducted for IHT, although will still sit in your sons. But given he is likely to outlive you that shouldn't be an issue.

If the OP is in that position they hardly need a loan and common sense says the gifting should be flowing in the opposite direction.

trevman

this might help

gov.uk/inheritance-tax/gifts

howellslegal.co.uk/news/post/The-Legalities-of-Cash-Gifts-How-Much-Money-Can-I-Gift-Tax-Free.aspx

money.co.uk/guides/how-do-i-gift-money-without-being-taxed.htm