Parents wishing to gift money in a tax efficient way to their children or grandchildren need to be aware of what they can and can't do before the end of the tax year on 5 April, accountancy and business advisory firm BDO has advised.

Each tax year, an individual can give away a total of £3,000 worth of gifts without these being added to the value of their estate. The individual can either gift £3,000 to one person or split it between a number of people.

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