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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Expert Lu Your Own Question
Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 235
Experience:  ACCA Diploma
109074415
Type Your Tax Question Here...
Expert Lu is online now

I have just sold my house £210,00 can I split £150,00

Customer Question

I have just sold my house £210,00 can I split £150,00 between my 3 children I am 95 years old
JA: When was the property or asset sold?
Customer: 30th April 21
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Not that i know off
Submitted: 22 days ago.
Category: Tax
Expert:  Expert Lu replied 22 days ago.

Hello

I am an expert with Just Answer  and I am happy to assist you with your question.

I am currently reviewing your question  and I will get back to you .

Thank you in advance

Expert:  Expert Lu replied 22 days ago.

Hello

Thank you for your patience  , after reviewing  your question,  yes you can gift them , if it is £150000 divided between the 3 it will be below the inheritance  threshold you can gift them.

Please kindly feel free to ask if you need me to clarify  my answer.

All the best

Customer: replied 22 days ago.
I thought inheritance tax was only after death, if i gift now before death do other taxes apply to me or my children?
Expert:  Expert Lu replied 22 days ago.

No there is no tax due , you are correct inheritance tax will only come through  after death but the amount is below the threshold, so they will not be liable to any IHT.