IHT Expert Inheritance Tax Advice - Making Gifts
You may not have thought of what happens when people have gifted some of their possessions away and what happens when the person who has received that gift passes away.
Despite what you think you can do, you cannot just give your money or your assets away and avoid inheritance tax.
In addition, if you gift money away when you are likely to need care in older age, authorities may just claim it all back. Visit the Care Fees Adviser.com for more on this complex area.
For Inheritance Tax purposes, you need to understand the basic rules on gifts because
- How much you gift
- How you gift
- Who or where you make the gift to
- How long ago you made the gift
- Whether you gift in life or on death
May give rise to a tax liability now or in the future.
Request expert inheritance tax advice today or buy your own tax planning pack in the Money Shop.
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