Gifts to family

assistant_2

This discussion appears to answer the question that's been bugging me - is there a limit to how much I can receive as a cash gift in any year? I always understood that a sum larger than £3000 would be taxed - but apparently not. Which seems to beg the next obvious question - why don't elderly people give away to their families any spare cash that would take them above the threshhold below which the state would pay for their long term care?

CLAPTON

assistant wrote: »

This discussion appears to answer the question that's been bugging me - is there a limit to how much I can receive as a cash gift in any year? I always understood that a sum larger than £3000 would be taxed - but apparently not. Which seems to beg the next obvious question - why don't elderly people give away to their families any spare cash that would take them above the threshhold below which the state would pay for their long term care?

most elderly people don't go into long term care

of those that do many would prefer to choose their own care home and facilities rather than rely on what the state will give them

many elderly people like the independance of having their own money to spend as they please and not rely on hand outs from their children

many elderly people dont have large cash sums but much of their wealth is in their property

RayWolfe

Also, investigations take place to ascertain that elderly, needing state/council help with long term care, have not given away their assets in order to cheat the system.