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06/08/2009
Inheritance tax planners 'should be careful when gifting' |
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Those carrying out inheritance tax (IHT) planning during the will drafting process should be careful when taking advantage of gifting, it has been suggested.
Kevin Tooze, managing director at independent financial advisory Equity Partners, stated that the practice is a useful tool for those looking to reduce tax liabilities when they die; however, some caution is needed.
"Don't fall foul of gifting more than the middle rate band, otherwise you could fall foul of lifetime gifting taxation and a periodic ten-year tax on that money as well," he remarked.
Mr Tooze added that details surrounding IHT and the various bands and clauses are not particularly clear to members of the public, which is where expert advice is needed.
He made his comments in response to questions regarding the IHT implications of parents providing financial assistance to their children trying to get on the property ladder.
The Council of Mortgage Lenders found recently that an increasing number of people are relying on this support to buy a house.
Written by Anthony Dyson |
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