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Where Taxpayers and Advisers Meet

Gifting to a child

Rob Lewis
Posts:1
Joined:Fri May 14, 2021 3:07 pm
Gifting to a child

Postby Rob Lewis » Fri May 14, 2021 3:10 pm

Hi - trying to understand the tax implications to my son and I of gifting a largish sum (£10k) to my him. Both self employed.

pawncob
Posts:4676
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Gifting to a child

Postby pawncob » Sat May 15, 2021 7:52 pm

Unless you've already exceed the lifetime gifting allowance (very unlikely) there are no tax implications unless you die within 7 years and your estate is taxable.
With a pinch of salt take what I say, but don't exceed your RDA


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