Tax-efficient gift giving is an essential aspect of estate planning that can significantly reduce your inheritance tax (IHT) liabilities while benefiting your loved ones. By carefully planning and utilising the available allowances and exemptions, you can ensure that more of your wealth passes on to your family and less is lost to taxes.
At our practice, we believe that understanding the rules around gift-giving is key to making informed decisions. In this guide, we’ll walk you through the essentials of tax-efficient gift-giving for the 2024/25 tax year.
While the principles of tax-efficient gift-giving are straightforward, the rules can be complex and mistakes can be costly. Professional advice is invaluable when planning significant gifts or complex arrangements, such as trusts or gifting high-value assets.
Our firm specialises in helping clients navigate the rules around gift-giving and estate planning. We can work with you to develop a personalised strategy that maximises the tax benefits of your gifts while ensuring that your wealth is preserved for your loved ones.
If this is something that you would like to discuss in more detail – do get in touch with our dedicated Tax Team.
GUIDE: Tax-efficient gift giving