PET

Is your client thinking about making a gift to their children or grandchildren? You will likely have come across the “seven year rule”, but there are various other conditions and options that should be considered with gifting. Inheritance tax (IHT) has become a hot topic with recent figures from HMRC revealing that receipts reached a record £5.2bn in 2017/18. A frequently referenced way of mitigating IHT is to gift assets directly. The gift is made during the donor’s lifetime, then if the donor lives for seven years, the gift will be exempt from IHT. This is referred to as a… continue reading