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Gifts for grandchildren
Jasonjxb
Posts: 4 Newbie
in Cutting tax
My father will be going into a care home shortly and we will need to sell his house to enable us to pay care home fees. Can he gift his grandchildren (I believe £3k per year) from the funds of his sale or do all the proceeds need to left to pay for fees? The fees will be £80k per year.
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Comments
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The figure of £3,000 a year is an annual exemption from inheritance tax, and is a total figure for the donor, not per donee. The issue of care home fees is a different matter, and only arises when an individual's assets are at a level where the council has to pay the care home fees. The matter is fully explained here:
https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs40_deprivation_of_assets_in_social_care_fcs.pdf
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Depends, does he still have the mental capacity to make his own financial decisions? What is his annual income, and what level of savings will he have after the house sale?
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