Gifts inheritance tax
Gifting is very much a part of inheritance tax planning but some clients don’t realise there are actually strict rules on the value, amounts and timing that gifts can be made.
Doesn’t really seem fair as its your money but you can read the rules here: https://www.gov.uk/inheritance-tax/gifts
A gift can be described as anything that has a material value. Under normal rules any gifts made will remain in your estate and effectively use up your nil rate band for a possible 7 years unless it is an “exempted gift”. An exempted gift is described by the government in the above attached link.
At Financial Fortress we understand the implications of making gifts and your adviser will take time to understand what you want to achieve. They will make suggestions and recommendations to assist you successfully pass your wealth onto your family.
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