Gifting money

[Alifpb]

I've been given some inheritance....£60k and id like to give an equal share to my adult children....maybe £20k each ???
is there any rules/restrictions

[EXC]

If you 'gift' your children a sum of money they will not be liable for inheritance tax unless you die within 7 years of making the gift.

If your children invest a monetary gift any gains may be subject to capital gains tax.

See here https://www.moneyadviceservice.org.u...nheritance-tax

[Alifpb]

a little complicated to explain on here, but is it correct once ive gifted some money to someone im NOT 'allowed' to receive any back......

[EXC]

I don't see why your children can't give you money.

[FergusonJes]

Don’t do that till you’ll be sure they know how to manage with money. In your case I’d give them the money equally after death. Maybe it sounds rude, but children act selfishly and rude towards their parents, when they get older. They believe that parents should provide them with an estate, financial support and a great career. In case you’ll give the money them now, most probably they’ll forget that you exist on this planet. Let them take care of you and then they will get their well deserved money. Till that moment treat them with executive selection gift baskets and say any words about money!

[Theince]

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