Making a gift of certain amounts of money or assets can be a great way of supporting your family members and loved ones, whilst also a valuable way of reducing the value of your estate for Inheritance Tax purposes.
Individuals have an annual Inheritance Tax gift allowance of up to £3000. Other tax-free gift exemptions, subject to certain criteria, may include:
- A parent or grandparent gifting money for a marriage or civil partnership
- Lifetime gifts for a dependent
- Income used to fund contributions to a life policy held in trust
- Gifts to charities, political parties, universities, national museums and the National Trust
At McMillan Wealth Consultants, we can advise you on the best options to suit your own circumstances. Please contact us if you would like to discuss your personal situation.
The information on this website is based on our understanding of the current law and HMRC practice. Taxation legislation and HMRC practice may be subject to unforeseen changes in the future.