Gifts with strings attached

Gifts with strings attached

Most gifts made during a person’s lifetime are not subject to tax at the time of the gift. The lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve their potential of becoming exempt...

Trustees responsibilities

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who puts assets into a trust is known as a settlor and the trust is for the benefit of one or...
Tax exempt gifts paid out of income

Tax exempt gifts paid out of income

Many taxpayers are aware that there is an annual Inheritance Tax exemption of £3,000 for gifts and this can be carried forward to the following tax year if not used to make a maximum gift of £6,000. You can also give as many gifts of up to £250 per person as you want...
What is a PET?

What is a PET?

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’.  These gifts or transfers achieve their potential of becoming exempt if the...
Changed circumstances, change your Will

Changed circumstances, change your Will

We have published articles before discussing the importance of making a will and ensuring that your assets are divided amongst your beneficiaries in the way best suited to your personal wishes. One of the most important reasons for doing so, is to ensure that you do...