My husband and I want to make a Gift without Reservation in the shape of a deposit for our son to buy his first property. We understand that if we survive 7 years from the date of transfer it will be exempt from IHT. We have written a letter to our son confirming that the property will be in his sole name and we will gain no benefit at all.
We have mobilised the funds and now need to make the transfer to his account but find we are constrained and can only move £10k each day. We can move the monies over consecutive days but are wondering if not transferring the amount in a single transaction might have pitfalls we are not aware of. The total is £140k.
Just seeking reassurance that this is not a complication! If it is, advice on steps needed to execute the plan most welcome! Thank you.
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