Adult isa

Options
keith1948
keith1948 Posts: 1 Newbie
in ISAs & tax-free savings
Distributing money into an isa for our three adult children. Am I limited to the £3000 gift allowance or can I do the 7 year rule between my wife and myself and put extra money in?

Comments

  • eskbanker
    eskbanker Posts: 31,076 Forumite
    First Anniversary Name Dropper Photogenic First Post
    edited 18 March at 6:09PM
    Options
    You can gift what you like, even though some might ultimately still be liable to IHT if your estate was above that threshold if/when applicable....
  • Brie
    Brie Posts: 10,036 Forumite
    Photogenic First Post Name Dropper First Anniversary
    Options
    And assuming you have enough savings that you won't be needing support from the council for care, otherwise you'll be dealing with deprivation of assets and the kids may potentially have to pay the money back.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • xylophone
    xylophone Posts: 44,428 Forumite
    Name Dropper First Anniversary First Post
    Options
    How about regular gifts from surplus income?


★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards