Ask a Law Question, Get an Answer ASAP!
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
There are no immediate tax implications of you gifting any sale proceeds to your children. There would be no tax payable on any such gift.
The only implication is that of Inheritance Tax, in that if a party dies within 7 years of making a lifetime gift, the amount of gift (or propertion of it if the party dies 3-7 years after the gift has been made), will count as part of your Estate when claculating if Inheritance Tax is payable.
I am sure you are too young for this to be an issue.
I hope this helps and sets out the legal position.