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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I am 84. I wish to give my 3 children (1 boy, 2 girls)

Customer Question

I am 84. I wish to give my 3 children (1 boy, 2 girls) £300,000 each. What is the most tax efficient way of doing this? Keith XXX

Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello Keith, I am another Keith, one of the experts on Just Answer, and happy to help you with your question.
Please make me a beneficiary of your largesse! Just 'Give them the money, Mabel,' as Wilfred Pickles was wont to say on 'Have a Go!'
Gifts are outside the scope of UK taxation. Just ensure that the receiving bank(s) are aware of the moneys coming in and their source to ward off any money laundering inquiries.
Malta does not have a gifts tax regime so there are no problems for you locally.
As an Australian might say; 'No problem, sport!'
I do hope my reply has set your mind at rest on this matter.

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