Many lifetime gifts escape inheritance tax, especially if you make the gift more than seven years before you die. However, there are pitfalls: you must ensure that you do not benefit from what you have given away in future or you may not have made an effective gift. You also have to be aware of the potential capital gains tax effect of the gifts you make. We can advise you on how to make the most of lifetime gifts.
To find out more, call us on +44(0)330 024 3200 and speak to one of our estates and trusts experts.