Gifting money to children

[nellystew]

Hi

I’ve received an inheritance and want to give some money to my kids, £10k each.

I’ve been trying to work out what the inheritance tax implications are.
If I die within 7 years It looks like there’s a sliding scale of how much tax to pay.

What I’m not sure of is if I drop dead tomorrow, is it just my estate that’s liable, and the tax man won’t go after the kids for anything?

[Carbon Sasquatch]

Estate

I wouldn’t worry about it, just give them the money. If your estate is large enough to have IHT due, then it shouldn’t be a problem.