by johnireland | Articles
Give away the family home too soon, and you could hand HMRC two tax bills instead of none Gifting a property to your children while you’re still alive can feel like the sensible, generous thing to do. You reduce the value of your estate, you get to see your...
by johnireland | Tax Talk
Taper relief is one of the most misunderstood rules in inheritance tax planning. Most people believe it gradually reduces the value of a gift over seven years. It does not. It reduces the rate of tax — and only on amounts above the nil-rate band. Here is how the...
by johnireland | Articles
The Seven-Year Rule Is Not What Most People Think Ask most people how inheritance tax works on lifetime gifts, and they will tell you something along these lines: give money away, survive seven years, and it is tax-free. That is broadly correct — but the detail...
