GIVING MONEY TO KIDS

dec9

My total estate is below the inheritance tax threshold.
Does that mean I can give my children as much money as I like without paying inheritance tax?

Marcon

Your whole estate can be left to anyone without your executors having to pay IHT if it is below the IHT threshold. 

If you want to give your offspring (or anyone else) cash while you are still alive, then you can do so . In very broad terms, no IHT would be payable provided that the total value of gifts made within the 7 years prior to your death, if added back to your estate, wouldn't tip the estate into IHT territory - but you also have 'gift' allowances each. More detailed (and accurate) info here: https://www.gov.uk/inheritance-tax/gifts

Keep_pedalling

You asked the same question last year, nothing has changed.

https://forums.moneysavingexpert.com/discussion/6549801/inheritance-tax/p1

Marcon

Keep_pedalling said:

You asked the same question last year, nothing has changed.

https://forums.moneysavingexpert.com/discussion/6549801/inheritance-tax/p1

I think OP is probably just checking that 'nothing has changed'. There has been a change of government since then, so it's a reasonable question!

cloud_dog

@dec9 you need to be aware of the potential issue of 'deprivation of assets', if ever you needed council funded care (for example).