How to Gift Tax-free Cash

If a gift is to be effective in reducing your inheritance tax liability, you cannot continue to have any access to the assets you give away or continue to use them in any way

Tilney 8 December, 2014 | 10:41AM
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As part of our Morningstar’s Guide to Financial Planning, head of estate planning for financial firm Towry Ian Dyall takes a look at gifting cash to the family.

Christmas is not typically a time when people think about tax and financial planning, it is a time when people think about family. It is also a time they think about helping others, with many people gifting to charity around Christmas. It is therefore a very useful time to consider what is the best way of helping your family and other people by making gifts, particularly if you have an inheritance tax liability, as making regular gifts can have a significant impact on reducing any liability that you may have.

If a gift is to be effective in reducing your inheritance tax liability, you cannot continue to have any access to the assets you give away or continue to use them in any way. Gifts that are covered by the inheritance tax exemptions will immediately reduce your tax liability.

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About Author

Tilney  provides personal financial advice and investment management services to private individuals, families and trustees

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