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3k gifting to family members

RSVP2000
Posts: 11 Forumite

Hello,
Are son and daughter in-laws eligible for the 3k gifting allowance? Or is it limited to children and grandchildren?
Thanks in advance
Are son and daughter in-laws eligible for the 3k gifting allowance? Or is it limited to children and grandchildren?
Thanks in advance
0
Comments
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Anyone. No relationship necessary. Keep Records for your Executors to use.
NB You can gift any amount to anyone at any time. It's just that the amount may fall back into your Estate for IHT calculation purposes based on the rules when you die.2 -
You can give your money to anyone. The limit is on the amount and not relevant to who gets it1
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There is no such thing as a gifting allowance, it is an exemption. You can gift as much away as you like but only £3k of those gifts is not subject to the 7 year rule. You can also make additional exempt gifts of £250 to as many other people as you like.
So for example every year we each gift our son and daughter £1,500 and gift an additional £250 to our SIL & DIL, so each couple get £3,500 which passes out of our estates at the point of giving. In years where we gift more the extra goes to our son and daughter and becomes a potentially exempt gift (PET) which will fall out of our estate in 7 years. The £3k exemption can be given to anyone not just direct descendants.1 -
Thanks everyone for the prompt replies.0
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Keep_pedalling said:There is no such thing as a gifting allowance, it is an exemption. You can gift as much away as you like but only £3k of those gifts is not subject to the 7 year rule. You can also make additional exempt gifts of £250 to as many other people as you like.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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silvercar said:Keep_pedalling said:There is no such thing as a gifting allowance, it is an exemption. You can gift as much away as you like but only £3k of those gifts is not subject to the 7 year rule. You can also make additional exempt gifts of £250 to as many other people as you like.0
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And the rules may change in the next budget.0
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