If I wish to give cash gifts to my children (Who are grown up but struggling on minimum wage jobs) how much can I give them without the Govt . council or tax people getting involved.
I am in my eighties.
Be aware that if you give a large lump sum to your children and they are getting benefits it could affect the benefits they get (if the authorities find out).
You can give away a total of £3000 per year without it affecting anything. If you give more you have to live for 7 years before it falls out of your estate for inheritance tax. But if your estate will be less than £325,000 there would be no inheritance tax anyway.
If the people you give to are on means tested benefits they are allowed to have £6000 in savings before it affects the amount of the benefit.