Planning how to pass on your wealth to future generations is an essential part of estate planning. One of the most effective ways to reduce inheritance tax (IHT) and ensure that more of your wealth reaches your loved ones is through tax-efficient gift-giving.
In our latest newsletter, we delve into the opportunities available to individuals who wish to make strategic gifts, minimising their tax liabilities while maximising the benefit to their family and friends.
Here’s a quick look at what we cover in the newsletter:
- Understanding Tax-Efficient Gifts: How the right timing, structure, and documentation can make a difference.
- Annual Gift Allowances & Exemptions: Make the most of your £3,000 annual gift allowance and other exemptions such as small gifts, wedding gifts, and gifts to charities.
- Potentially Exempt Transfers (PETs): Discover how PETs can reduce your taxable estate if you live for seven years after making a gift.
- Gifts from Surplus Income: An often overlooked exemption that can reduce IHT without impacting your standard of living.
- High-Value Gifts & Trusts: Learn how to navigate complex gifts involving property, shares, and the use of trusts to protect your wealth across generations.
By following the principles of tax-efficient gift-giving, you can ensure that your gifts are as generous as possible, while still minimising your IHT liabilities.
Ready to learn more? Download the full newsletter, which includes valuable insights and detailed examples for the 2024/25 tax year below:
Tax-Efficient Gift-Giving in 2024/25Don’t forget to join our email list to receive regular updates on tax planning and estate management strategies! Sign up here.
