Gifting away Assets is one of various ways of trying to reduce the value of your estate, thereby potentially reducing the Inheritance Tax liability when you die. The use of wills and trusts can make sure that your assets go to the people you want them to, but, did you realise that:
When Gifting away Assets some gifts are tax exempt, such as those to your husband or wife, whilst others such as gifts for weddings are also exempt up to certain limits. Every individual is allowed to gift up to £3,000 in any one year, which an be carried forward for one year.
Visit the HMRC site below for the up to date position on what you can gift:
Make sure your assets go to the people you want them to
Taking care of the assets you have, and making sure that the people who should benefit can do