'I have £19,000 in cash in my stocks and shares ISA. What are the implications for me if I take it out and share it among my grandchildren?' 🖋️ Josh Farmer, a financial adviser at the Private Office (TPO), responds
Money Clinic: ‘I want to take £19k out of my ISA and share it with my grandchildren – what are the downsides?’Caption: AWGWGG Cash Mini ISA tax free savings Photographer: PSL Images / Alamy Stock Photo Provider: Alamy Stock Photo Source: www.alamy.comIn our series, readers can email in with any question about their savings
to be answered by our experts. Josh Farmer is a financial adviser at the Private Office, a chartered financial planning firm. If you have a question for one of our experts, email us at‘I have £19,000 in cash in my stocks and shares ISA. What are the implications for me if I take it out and share it among my grandchildren?’“While you can gift as much as you like to your children and grandchildren, it is important to consider the implications of doing so.
With no tax on withdrawal, you can be confident there aren’t any traps in taking the money out. However, when gifting the money to anybody other than your spouse or a charity, you may fall foul of inheritance tax at 40 per cent, which is applied to an individual’s estate after death.
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