Deprevation of assets
in Over 50s MoneySaving
6 replies 1.9K views
I have come into some money that I do not need. I am keeping some for myself, but would like to give my 4 children some to enjoy. Is it ok to give them say £20,000 each to spend on what they want ? I am 64 in good health and have no intention of dying in the next 20 years.
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If you have other assets as you say it shouldn't be challenged , would only be a problem if you were giving everything away
Ride hard or stay home :iloveyou:
If you did not gift your £3,000 last year you can add that to this year's £3,000, giving you each a £6,000 allowance. Then if you defer giving the last £3,000 each until 6th April you can use next years allowance as well.