Gifting kids (some) house deposit

[Marylou62]

My DH is about to get £15,000 from a pension..He wants to give our 3 DC £5,000 each to go towards their future houses..2 DC are hoping to buy this spring..
Discussing it with a close friend she said she thought you could only give/gift £3.000 a year without tax implications..
Any advice please..

@StrawberryPot

But deprivation of assets would only be if they know of care needs at this present time......I mean loads of us may have care needs later down the line....but that’s not the definition of deprivation of assets

Op has already said her dh is in poor health...

Indeed, and that's what prompted me to make the comment.

I understand the principles of deprivation of assets, I just don't have a working knowledge of the rules.
Hence my comment about considering it, rather than a detailed post of what to do as I made re the IHT position.

What would happen in this situation if the parents paid for the children’s petrol, shopping, car MOT etc for a year so it added up to 5k each and then the children paid the money that was ‘saved’ into a savings account to be used for the deposit?

Well a lot's moved on since l last posted.
.I told my DH what some of you said about being reckless..I explained about losing all his wages and half his pensions should he die before me (He has heart disease and still smokes..His father died at 40! But that IS another thread!)
I told him about my anxiety about losing this money.
I quoted Kitkat..5k being a drop in the ocean for them but could be a better quality of life for me/us..
I said that I would like nothing better than to see their faces when we present them a cheque but at what cost..? To me?
Anyways..he has agreed with me..
My original thoughts were to give them all 1k for deposit, 1k for wedding and 1k for first baby etc. Spread out over the years... All from savings going forward. The £15,000 going into investments...
Still helping them out but securing the 15k.
Got quite heated but so glad he sees my piv..
Thanks everyone

@IWasHotInTheNineties

What would happen in this situation if the parents paid for the children’s petrol, shopping, car MOT etc for a year so it added up to 5k each and then the children paid the money that was ‘saved’ into a savings account to be used for the deposit?

There’s ways round everything as many families have found ....but won’t be an issue for OP

The £1000 gifts at key milestones is a good compromise.

“But £15,000 won't make a dent in my life if I outlive my DH by 20 years will it so I sort of agree to helping them out...“

Really?
So you fill expect to outlive him because he’s older and in poor health, you don’t have much money, would only get 50% of his pension… and you think £15K won’t make much difference?

My parents gifted me and my sister £100k each. Done through solicitor. All above board, no tax as they're still alive and kicking many years later.

@Marylou62

So no way to give the kids £5000 each?

Yes, there'll be no tax for them to pay if your DH doesn't die in the next 7 years.

My dad gave me a similar goft and we're just outside the 7 years. I made sure that I kept enought to pay inheritance tax on it if needed.