You may consider giving away some of your estate as a gift in order to reduce the amount of Inheritance Tax you are required to pay, and we advise that legal support is sought when dealing with this complex task. Although you are exempt from paying tax on small gifts and those given between spouses and civil partners, you should be conscious of the tax implications for costly gifts. If you have given away assets with a value of more than £325,000 and you die within 7 years, the Executor or Administrator of your estate may be required to pay Inheritance Tax.
Before you begin to gift your estate, it is important to speak to a professional regarding what is covered by exemptions. At Forbes Solicitors, our Wills, Probate, Tax and Trusts legal team will ensure you are not caught out by any unknown regulations. Call us today on freephone 0800 975 2463 or send us an email if you need to talk about gifting your assets.
11 Dec 2018
Wills, Probate, Tax & Trusts
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