Gifting to adult children

Andy_tims

My daughter lives in The Netherlands because of her husband's job.  Can I give her a sum of money?  I know about the 7 year rule on gifting money but as she is a non uk resident can I still give her a money gift? 

General_Grant

It's your money.  You are free to give or not as you wish.

Eco_Miser

Why would you not be able to?

I don't know whether The Netherlands tax gifts or have rules about money from abroad, but I'm not aware of any UK rules to stop you. (The 7 year rule just means the gift is still counted within your estate for 7 years, to stop people giving away all their money on their deathbed.)

Linton

In the UK there is no restriction on gifting money either to people in the UK or abroad.  Whether your daughter would have to pay a gift tax in the Netherlands I have no idea - some countries do tax gifts I believe.

The "7 year rule" only applies if you die within 7 years and just means that your estate would be subject to the same Inheritance Tax as if you had kept the money, so its hardly a major issue unless your objective in giving the money was serious tax avoidance.

Mickey666

Also, I believe gifts up to £3k are exempt from the ‘7 year rule’ anyway, so two parents could potentially gift £6k to their son/daughter with no U.K. tax implications at all.  As above, I’ve no idea about possible issues arising from living abroad - I guess much would depend where they are domiciled for tax purposes.

AnotherJoe

You can give her as much as you want. No taxes here. Maybe there are in the Netherlands.

Are you sure you know the 7 year rule? Do you think its relevant? Are you in poor health and considering giving very large sums? Will your estate be above IHT limits?