Mr and Mrs A sold their house in 2013 for 1.5 million . They have 2 children. They bought a new home in 2013 and decided to allocate capital to their two children
Date Child 1 Child 2 2013 200k 300k 2014 120k 2015 2016 250k 2017 2018 2019 2020 2021 2022 2023
Its now 7 years on from the last sum given to any child. They however now assets worth £800k and want to equally share them to their children when the die. They believe that each sibling can receive £320k each tax free . How can the balance be treated as to minimise tax payable. Are the earlier assumptions correct so far as tax due.