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Where Taxpayers and Advisers Meet
Tax free gift
One can make a cash gift up to £3,000 per tax year tax free. One can also transfer money to his child via "gifts out of surplus income" . Can you do this parallel i.e. you give your wife £3,000 per year and £500 monthly to your child out of surplus income ?
Re: Tax free gift
There are no restrictions on the amount you can give your wife, so you're only making a gift out of surplus income to the child.
With a pinch of salt take what I say, but don't exceed your RDA
Re: Tax free gift
As pawncob says, all gifts to a spouse are fully exempt anyway so would not use up the £3,000 annual exemption.
To avoid any doubt, you can give unlimited sums to other individuals tax free provided you survive for 7 years. Unless the donor is elderly, it usually/often makes much more sense to give larger sums up front than to try trickle it out over time using exemptions.
To avoid any doubt, you can give unlimited sums to other individuals tax free provided you survive for 7 years. Unless the donor is elderly, it usually/often makes much more sense to give larger sums up front than to try trickle it out over time using exemptions.