Tax

Action checklist for gifting

If you have a desire to reduce your tax liability (40%), then these are the actions you can take now:

Utilise your annual 'small gift' exemptions. You can give up to £3,000, per person, each year.

You can also give an unlimited number of small gifts below £250.

You can gift, out of income, as long as the amount clearly does not affect the donor's standard of living. i.e. it is an amount that is 'easily affordable'. *

Pension income can be assigned to benefit your dependents. *

Life Assurance plans can be written into a trust. *

Note: Inheritance Tax thresholds depend on each individual's circumstances and any new legislation that has come in.

* Please check details with my partner I.F.A.

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