How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

how much money can I give away before it is taxed ? I want

Customer Question

how much money can I give away before it is taxed ? I want to give a loan to my son of

£30.000 but not to be repaid until my death.

3
Submitted: 4 years ago.
Category: Law
Expert:  Clare replied 4 years ago.
Hi
Thank you for your question.
Which Tax are you concerned about?
Claire
Customer: replied 4 years ago.

I think you can o0nly give away £3000 a year , is it different for a loan/

Expert:  Clare replied 4 years ago.
Hi
What is the total value of your assets - more than £325,000?
Claire
Customer: replied 4 years ago.

Probably not

Expert:  Clare replied 4 years ago.
Hi
Then you have no cause for concern.
You can give away as much as you like - but if you do not survive for seven years then any amount given over your yearly allowance will count towards your estate for Inheritance Tax purposes
However it seems that your estate is below the Nil Rate Band anyway so there is no cause for concern
Claire