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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6290
Experience:  BA (Hons), PgDip, Practising Solicitor
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I am 94 years old and have savings of appox £70.000 I wiuld

Customer Question

I am 94 years old and have savings of appox £70.000 I wiuld like to give my children (4) of them money so that they can take their families on holiday before I die so that I may have the enjoment of knowing it was done ,How much can I give them two off them are of pensionable age
Submitted: 2 years ago.
Category: UK Law
Expert:  Thomas replied 2 years ago.
Hi
Thanks for your question.
To enable me to answer your question could you please respond to the following:-
1. DO you mean how much can you give them without incurring an IHT charge in the event that you ass away?
Kind regards.
Tom
Customer: replied 2 years ago.
Yes I think thats what I mean ,am i right in thinking that my savings are under the IHT limit
Expert:  Thomas replied 2 years ago.
Hi,

Okay.

What is the total value of your estate, including other assets? Approximately only is fine...

Do you have a spouse that shall inherit your estate, or is it passing to others (eg. your children)?

Kind regards,

Tom
Customer: replied 2 years ago.
The total value is approx £70.000 I have no house to sell and am a widow ,anything I have will pass to my children
regards
Expert:  Thomas replied 2 years ago.

Hi
Thanks for your reply.
The position as to the gifts of money to your children is that each transfer would be a Potentially Exempt Transfer. Therefore, if you survive for 7 years from the date of the gift to your children of the money then the money will not be included in your estate for IHT purposes. If you pass away between 3-7 years of the date of the gift then only a percentage of the value will be included for IHT purposes.
The entire of your estate is below the IHT threshold at the present time. This means that provided you do not accrue assets which take you above the IHT threshold then it does not really matter if the whole of the value of the transfers to your children are included in your estate for IHT purposes because the inclusion of them would not take your estate above the IHT threshold in any event. Therefore no IHT liability would arise whether or not you made the transfers.
On this basis you can transfer whichever amount you consider appropriate without incurring an IHT charge.
Please note the IHT threshold for 2012-2012 is £325, 000.00
If this has been useful please kindly click accept so that I may be rewarded for my time. If you do not click accept your money stays with the site and I do not receive any credit for the time I have taken to answer your question. You will not be charged any further money for clicking accept.
If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”.

Kind regards,


Tom
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 6290
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Law Specialists are ready to help you
Customer: replied 2 years ago.
Many thanks Tom
regards
Grace
Expert:  Thomas replied 2 years ago.
Dear Grace,

You're welcome. Thank you for your very kind accept.

I hope they enjoy the holidays and are grateful to their caring mother!

Kind regards,

Tom

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