Money gifts to family

[user1486133359]

Hi

Anyone know the laws on giving money to family ?. I want to give my grown up children money for help towards a property they are purchasing and the other a car but don't know if there are any tax problems doing it ?

You can gift multiple small sums to family see hmrc.

Capital Lump sums -You can gift £3k per year in total and backdate one year so £6k this year if you gave nothing away last year,
You can also gift 5k on each marriage of your children .
Excess earned income -you can gift regular sums of Money if you have an excess each of income over your normal expenditure .
There are many other ways but you would need to pay for expert advice regarding tax planning abs inheritance tax.