You and your wife - if that’s the case can give 3000 each I had thought - making 6 k - within the gift exemption - subject to correction -Are there any tax implications either to me or the child of giving a sum of money to a child now
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This is correct but it has to 100% clear that 3k from the Husband account and 3k from the Wife account to the child's account. Transferring from a joint account could be grey area for this so better to be clear to revenue in years to come if they query it as to why each of your child have such a large sum in each of their accounts. Also, include in bank ref " yearly small gift exemption " for the transfer also if you want to 100%You and your wife - if that’s the case can give 3000 each I had thought - making 6 k - within the gift exemption - subject to correction -