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can i put lump sums in the kids accounts ?
bilbo_2
Posts: 448 Forumite
can i put lump sums in the kids accounts ?
my mother passes away early this year and left a sum of money
my question is how much can i put in the kids account without the taxman asking questions
my mother passes away early this year and left a sum of money
my question is how much can i put in the kids account without the taxman asking questions
0
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bilbo wrote:can i put lump sums in the kids accounts ?
my mother passes away early this year and left a sum of money
my question is how much can i put in the kids account without the taxman asking questions
Yep - im pretyt sure you can take out £3000 for you and any brothers or sisters you have, and also designate gifts of £250 to any nominated person , i.e. your children, and that is tax/inheritance tax free. You could also send £250's to anyone else to get out some tax free money. This is also per year, so if you took out £3k + a number of £250's you could do it again next year also.
Pretty sure on this but please someone let me knwo if im wrong!0
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