how would you! divide money btween 2 DD 1 GS

I'd put a good amount into something like the Kids' Fixed Savings account here

Then give to the DDs however much you think they will use sensibly.

I treat grandsons differently to the kids. You're saving for their future.

I'd give some to the GS, then share the remainder equally. It's what Mr H and I have done in our will!

aha yes sensible answers....I was trying to get my head round...do I give more to DD who has no children//but yes can see point of giving GS some then! sharing..out between DD s lol not that I have!! £10,000 but you never know ..one day!!

You can give £3,000 to each person without paying tax, so you could start with that, then worry about the other £1,000. Perhaps that to the one without children?

Or wait until the next tax year for the last £1,000, and then you will have whatever tax you did not pay on the £9,000 to add to it. Sorry, that still leaves the decision who to give it to.

That's wrong, I think.
Each person can give away £3000 taxfree in each tax year.

You are right, Jendurham it is only £3,000 total. There are other ways you can give money away, too, which would be worth looking at.

I always thought the 3000 was an inheritance tax limit, not an income tax one.

Yes pet you are right - the £3000 doesn't count towards the overall IT limit. You can if course give away as much as you want over £3000 but that will count for IT purposes if you don't survive for 7 years afterwards.

So how come I can claim £1,000 gift per person up to £3,000 in a tax year on my tax return?

Also if you haven't given any in the previous year you can double it. I'm sure it's £3500 now so you could give £7000to DD with child and remainder to the other and still not cause them tax problems.

Elegran - no idea but it must be to keep a record for IT purposes - it's not for income tax reasons

Still £3000

I think you should do what you like! Don't be influenced by others, your circumstances and those of our DDs are different to all of ours.

Here is a page about gifts and tax. You are right, it is inheritance tax which is not due on the up to £3,000 a year, but there are other ramifications to giving money to your family too.

CD reckons we should give them an amount each month out of income, as that would be exempt.

No way Jose! #keeping it. #lunches

Not CD. DS. #fire

#sodding fire actually

j08 are you ever going to get to grips with your 'sodding fire'?

I ask in a spirit of innocent enquiry!

I thought you'd turned predictive text off, jingle

50 -50. both daughters get the same. Any other solution will cause bad feelings after your death. Your GS will get the money from his mother eventually. What if other GCs follow and they have not been provided for?

One of my daughters has four children, the other daughter none. I intend to give a certain amount to each of the grandchildren and then divide the rest between daughters.

It is possible to provide for unborn grandchildren in a will by the way.