Parents warned on tax liability for gifts to children
Parents who have gifted property to their children are being warned they could be landing their...
Inheritance Tax can potentially have an impact on anyone with assets of more than £325,000, and so more and more people are potentially going to be affected by it. With careful planning and the right advice from mfg, however, this impact may be reduced or eliminated altogether.
Whether you wish to preserve your farm, business or any other assets for the next generation, the expertise of our team of nationally recognised specialists can help you put in place suitable plans to achieve your aims. These might include:
- Making lifetime gifts out of your capital;
- Making gifts out of your surplus income;
- Writing insurance policies in trust;
- The use of trusts, whether onshore or offshore;
- Maximising the availability of reliefs on agricultural and business assets and ensuring that your will is structured accordingly;
- A review of your business structure;
- The use of the charitable exemption and reduced rate of Inheritance Tax where more than 10% of an estate is left to charity;
- Making full use of the transferable Inheritance Tax allowances between spouses;
- The use of new allowances available from April 2017 in respect of your residence;
- Alternative flexible arrangements, such as Discounted Gift Schemes and AIM portfolios which can secure tax savings without the need to survive for seven years.
For more information on Inheritance Tax Planning or to enquire about our free initial consultations please call to speak to one of our friendly experts.