How does HMRC know about gifts for my children? - Gareth Shaw

  Dear Gareth, Can you explain please how the government knows how much money I am giving to my children or grandchildren, and whether they should pay inheritance tax? My savings are spread out in various building societies and banks and if I give a gift that exceeds £3,000 in a year, what will happen? How does the taxman know whether a large gift has been given as, for example, a wedding present?  Helen Evans, via email. .. Full story on 

hmrc, gareth, shaw, children Image source :
Choose a source