Mary Perham and Charis Thorton write for Wealth Briefing on gifting property and key considerations
Ahead of tomorrow's Autumn Budget statement in the UK, the UK Private Client team have noticed an increase in people gifting property and land to younger generations.
This uptick likely reflects speculation in recent headlines about a potential tightening of the inheritance tax rules for lifetime gifts and the introduction of new property-related taxes. Making such gifts can be an effective way to transfer wealth, potentially free of inheritance tax. However, whilst these gifts may sound straightforward, there is a lot to consider.
In an article for Wealth Briefing, Mary Perham, Senior Associate, and Charis Thorton, Associate, outline key considerations when gifting property.
In the article they cover:
- Inheritance tax considerations
- Capital gains tax considerations
- Stamp Duty Land Tax (SDLT) considerations
- Structuring of the gift
Read the full piece in Wealth Briefing here.
