Premium bonds - My father needs to cash in...can he give to his grandchildren as a gift without declaring?

[hulahoopsilove]

My father has a fair amount of premium bonds he wants or needs to get rid of.

Can he do this by cashing into his grand childrens accounts without declaring...Im sure Ive heard about some kind of gift you can do per year?

www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm

has all the answers. As usual the 'I heard' is garbled but the above tells you the exemptions.

He should keep a note of what amounts he gives to whom and the date of the gifts. You will need these details for the Inheritance tax return if he dies within 7 years.