jay clock
Massive member
- Location
- Hampshire UK
I got divorced a few years back. Due to a complicated cash split, my ex wife got more money upfront, and now has to pay me back a large-ish sum. I plan to "give" a third of it to each of my three daughters to pay off some of the student loans they are about to clock up (eldest is in 2 yr of uni, youngest in first year of A levels)
I am told that gifts are taxable? The only answer I can get on this online seems to relate to inheritance tax, and since I don't plan to die just yet, am not too bothered about this.
So what I would ideally like to do is to put the money into 3 separate accounts in their names, with me as a second signatory, so that the tax on the interest is at the lower rate or at zero (as they earn little or nothing) but that they cannot go and take it all out to spend on clothes.
Any views, or advice? Any pointers on good websites to go to?
I am told that gifts are taxable? The only answer I can get on this online seems to relate to inheritance tax, and since I don't plan to die just yet, am not too bothered about this.
So what I would ideally like to do is to put the money into 3 separate accounts in their names, with me as a second signatory, so that the tax on the interest is at the lower rate or at zero (as they earn little or nothing) but that they cannot go and take it all out to spend on clothes.
Any views, or advice? Any pointers on good websites to go to?