How do I give my son money?

getmore4less

Also unless your joint estate with both houses is approaching £900k there won't be IHT to worry about with the gifts.

pulliptears

AnotherJoe wrote: »

I'm not sure what all the fuss is about unless you mistakenly believe there is tax payable on gifts or there is a limit on gifts.
There isn't.
Just give the kids the money.
Job done.

This is what I thought but husband seems to think differently.
Shall just do it the way we had planned and hope for the best.

AnotherJoe

pulliptears wrote: »

This is what I thought but husband seems to think differently.
Shall just do it the way we had planned and hope for the best.

Why don't you just educate your husband on the fact that he has a wrong understanding of the facts and thus open yourself up to gifting without all this pointless hoop jumping. We aren't talking about opinions here, it's as, he's wrong.

[Deleted User]

pulliptears wrote: »

This is what I thought but husband seems to think differently.
Shall just do it the way we had planned and hope for the best.

He may well do but he is wrong. The people who have taken the time to reply are experts in this field.

My thoughts - gift whatever you want. There are no tax implications for your son. If you both die within seven years the estates will be liable for whatever tax may be due on the gift but ONLY if the estate value exceeds the forementioned amount.

Relax.

Mojisola

Zero_Sum wrote: »

I'd just sell the house to son for the £100k. Cant see why thered be any issues.

There could be an issue when he comes to sell - especially if it that happens after only a few years.

Potential buyers will look at the price he paid, look at the current valuation and not be able to see why there is a big difference.

If he ends up having to accept a lower price in a future sale because of that then he won't have the benefit of Granny's money to carry forward to his next property.

Just gift the deposit money, sign the paperwork to say it's a gift without strings and sell to him at the right price.