Can I give my money away?

HarryCrumb · 20 July 2019 at 6:18PM

Sorry if this is the wrong place to post this, these forums are huge.

Am I correct to believe that I can give away about 300k to family members without paying any tax? This is all savings that I have already payed tax on. As far as I could tell it's ok up to about 325k.

Thank you

sheramber · 20 July 2019 at 6:53PM

https://www.gov.uk/inheritance-tax/gifts

onomatopoeia99 · 20 July 2019 at 6:55PM

There is no tax on gifts in the UK for either the giver or recipient.

If you are going to die in the next seven years, the recipients should look at the inheritance tax consequences of gifts though.

lisyloo · 20 July 2019 at 6:59PM

We don’t know you age or health, but if you later require long term residential care then you could find this is classed as deliberate deprivation and also could find your in an awful home away from family.

Of course you might have loads left, we don’t know.

getmore4less · 20 July 2019 at 8:15PM

Many people seem misinterpret the rules and think theres IHT for 7 years.

This is just the same IHT that would have been paid if the money had been kept.

Can I give my money away?

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