You can give any amount to your kids tax free ... if this is within 7 years of your death then Inheritance tax applies to amounts given over 3k per year (on a sliding scale). So works fine if you want to give away large amounts of assets long enough before you die.
If you want to give away property, then you have to make sure you don't continue living in the property rent-free for it to count for IHT.
As others have mentioned, serious estates just use trusts etc. instead.
If you want to give away property, then you have to make sure you don't continue living in the property rent-free for it to count for IHT.
As others have mentioned, serious estates just use trusts etc. instead.
http://www.money.co.uk/guides/gifting-money-to-your-children...