Overview
Taking action to reduce your estate and the eventual inheritance tax liability during your lifetime makes sense. And making outright gifts is straightforward and super tax effective. But for many there will be a need for control over and often access to what they give away. For larger estates some may consider a mix of the types of gifts they choose to make such as outright gifts and some transfers into appropriate (usually discretionary) Trusts.
These gifts may well not all be made at the same time, in fact the order in which gifts are made can impact your IHT liability.
In this video, Tony helps to unpack this by providing examples of the timing of gifts made and calculate the subsequent IHT liability.
The learning objectives for this video
- Understand the tax principles and the terminology used when gifting assets.
- Understand the impact that timing has on the outcome, when gifting assets.
Speakers
Tony Wickenden
Managing Director, Technical Connection
Nick Priest
Partner, Downing
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Opinions expressed represent the views of the author at the time of publication, are subject to change, and should not be interpreted as investment or tax advice.
Important notice: This video is for investment professionals only. This video is for information only and does not form part of a direct offer or invitation to purchase, subscribe for or dispose of securities and no reliance should be placed on it. No reliance should be made on this content to inform any investment of tax planning decision.
This content contains information that is believed to be accurate at the time of publication but is subject to change without notice. The explanation of all of the tax rules set out have been written in accordance with our understanding of the law and interpretation of it at the time of publication.
Whilst care has been taken in compiling this content, no representation or warranty, express or implied, is made by Downing as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.
