Gifting money to potentially reduce inheritance tax ahead of 'Burnham's 10% death tax'
UKPulse Money Desk
Individuals are reportedly considering gifting money to children or grandchildren to potentially reduce inheritance tax, ahead of a proposed 'Burnham's 10% death tax'. Steps are suggested to help retain control over gifted wealth.
- There is a reported rush to pass on wealth before a proposed 'Burnham's 10% death tax'.
- Gifting money is being considered as a way to potentially reduce inheritance tax.
- Steps are available to help individuals retain control over gifted money and ensure funds for future care.
Individuals are reportedly exploring gifting money to their children or grandchildren in an effort to reduce potential inheritance tax liabilities. This comes amid what is described as a rush to transfer wealth before a proposed 'Burnham's 10% death tax' comes into effect.
The process of giving away money is noted as a 'nerve-racking business'. However, there are suggested steps that can help those gifting money to retain control over the funds and ensure they still have resources for future care needs.
Why this matters: The reported rush to gift wealth suggests a potential impact on personal financial planning and estate management ahead of proposed tax changes.
What this means for you: If you are considering gifting money to family members, there are reported steps available to help you retain control over the funds and ensure your future care needs are met.