I received an update from one of my investment companies which included advice for over 70s, but it also included this section on gifting to kids, which might be of interest. Credit where due - it's from Fidelity.
"When you die, inheritance tax (IHT) is charged at 40% on the part of your estate above the threshold which is currently £325,000. The threshold rises to £500,000 if your home is given to a child or grandchild. As a married couple this gives you the ability to pass on property worth up to £1m completely IHT-free. This though only applies as long as your estate is worth less than £2m overall.
Whether you can gift them that money IHT-free though, depends on the amount you give and whether you survive more than seven years after giving them the money.
Under the seven-year rule, you can gift any amount IHT-free as long as you live for at least seven years after giving the financial gift. If you die at any time within the seven years, a reduced rate of IHT applies to any amount above your nil-rate band (currently 40% within three years, 32% after three years, 25% after four years, 16% after five years and 8% after six years).
There are other ways around it though if you gift smaller sums. For instance, you can give away £3,000 per year (in assets or cash), divided between one or more people, without IHT applying at all. You can also carry forward one preceding year of annual exemption to gift £6,000 in one year.
You're allowed to give £250 per person per year to as many people as you like without IHT applying (as long as they haven't benefitted from your annual exemption).
You can contribute to someone's wedding, as long as you gift this amount before the wedding day and it actually takes place. You can give £1,000 to anyone you know, £2,500 to a grandchild and £5,000 to a child.
You can pay for the living costs of your own child under age 18, or in full time education. This includes university, but you may need to show that financial support is not excessive and only covers living costs and tuition fees.
You can also give regular amounts away that you don't need from your income, without IHT applying. You may have to show that this money was not needed to maintain your standard of living.
If you want to pass on larger sums and have it happen after your death, then you could speak to an adviser about possibly placing the money into trust."