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How much money can I give my children without paying inheritance tax?

Currently inheritance tax is only an issue if your entire estate is valued at more than 325,000.

Each year, you can make gifts of up to 3,000 in total without worrying about inheritance tax. Gifts totalling no more than 250 per annum are ignored. More substantial gifts to your children may be made when they get married.

Above these limits, inheritance tax will not be payable when you make the gift, but may be payable if you were to die within 7 years of making the gift.