Lifetime gifts of capital — the taxation consequences
Assuming that the older generation can afford it, the ‘children’ (or indeed grandchildren) will always welcome some financial help, for example for investing in a house. And if you are giving your hard-earned cash, you might as well do so tax-efficiently. This usually means planning to mitigating the ultimate Inheritance Tax liability on death.
This briefing provides a summary of the principal UK tax considerations that you should bear in mind when making gifts — although the specific application will depend on your particular circumstances and plans.
Quite apart from tax, there are two guiding principles: you should never give away more than you can reasonably afford, bearing in mind that, as we all live longer, care costs continue to rise inexorably; and never discount the possibility that a gift might have an adverse effect on the recipient — it will, of course, affect their financial status…
Click on the link below to read the rest of the Winckworth Sherwood briefing.
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Briefings from Winckworth Sherwood
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Name or shame: complying with the name and charitable status provisions of the Co-operative and Community Benefit Societies Act 2014
This note focuses on two key provisions of the Act which deal with the requirement to display the name and charitable status of registered societies.