Quote:
Originally Posted by Taf
A neighbour's son was contacted by HMRC after paying in around £50 cash per week over several months. It was pocket money from his grandparents. But guess what, there are limits to how much you can "gift" to your grandkids! Something to do with Inheritance Tax I think.
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Sounds like HMRC are after everyone associated with you!
I think you can gift as much as you like but you get into allowance territory if you day within 7 years of the gift, it's to stop people offloading money as a gift ahead of their death to avoid tax. £50 a week would fall into a £3,000 allowance even then.