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Sam
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Can I give my grandchildren a gift of £25000 each under the

Resolved Question:

Can I give my grandchildren a gift of £25000 each under the GWR rules with no tax to pay
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question
You can gift any amount you like, however unless you survive more than 7 years from the date of making this gift, then as a gift with reservation, it will be added back into your estate for Inheritance tax purposes.
Of course this really only has any impact if your estate is worth more than the Inheritance tax Nil band (currently £325,000 for an individual)
But for you, nor the grandchildren there is no tax to pay at this time through the act of making the gift. Just keep a note of what was paid, to whom and when.
Let me know if you wish me to expand on anything
Thanks
Sam
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