Olwen Aubrette

Gifting Money To Children 2024 Uk. · you hand out less than £3,000 total in a tax year. So this would be subject to inheritance tax at 40%, resulting in tax of £20,000.

The gift exceeds the available nil rate band of £325,000 by £50,000. Gifting money to loved ones can be an effective way to pass on your wealth but there are rules on gifting and inheritance tax.