Webinar
Welcome to our educational webinar, ‘Gifting wisely: The future of family wealth‘. With upcoming inheritance tax changes from April 2027, we explore the opportunities and considerations involved in gifting wealth, including how to approach gifting in a tax-efficient and thoughtful way.
Financial Planning Director and Chartered Financial Planner
Associate Director, Chartered Financial Planner
Steve Chambers and Miren led a comprehensive session for the Penny Group, focusing on the strategic, emotional, and technical aspects of gifting as part of inheritance and legacy planning, highlighting its increasing relevance due to changes in inheritance tax rules.
Miren detailed the main inheritance tax exemptions available in the UK, including spousal exemptions, annual and small gifts allowances, marriage gifts, and gifts to charities, emphasising their foundational role in effective estate planning.
Steve and Miren explained the exemption for gifts made from surplus income, outlining the conditions for eligibility, the importance of regularity, and the necessity of thorough record keeping for HMRC compliance.
Miren and Steve discussed practical structures for gifting to children and grandchildren, including junior ISAs, junior pensions, and pension contributions for adult children, highlighting the tax advantages and control considerations.
Miren and Steve explained potentially exempt transfers (PETs), the operation of the seven-year rule, and the implications for gifts of cash, investments, and property, including the impact of capital gains tax and the importance of timing.
Miren and Steve outlined the use of trusts for gifting, explaining chargeable lifetime transfers, the associated tax implications, and the reasons for using trusts, such as control and asset protection.
Miren and Steve emphasised the importance of maintaining comprehensive records of gifts to support exemption claims and ease the burden on executors, who must prove the nature of gifts to HMRC.
Steve and Miren addressed a wide range of attendee questions, covering cross-border property transfers, the use of loans, deeds of variation, gifting to support dependents, and the interaction of income and capital for exemption purposes.
Estate Planning, Trusts and Wills are not regulated by the Financial Conduct Authority. Please note, Will Writing is a referral service.
For specialist tax advice, please refer to an accountant or tax specialist.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
Speak to an adviser for more information
Email info@thepennygroup.co.uk or call 0207 061 2345 if you have any questions or should you wish to speak to one of our advisers.
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A lifetime mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.
The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.
Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead. Please note, this is a referral service.
