Has your expenditure reduced as a result of lockdown? If so, now may be the time to make the best of a bad situation.
Lifetime gifts – normal expenditure out of income exemption
There is a useful but often overlooked exemption from inheritance tax for payments you make on a regular basis as part of your normal expenditure without affecting your standard of living.
Another aspect of the pandemic is that some people’s expenditure has reduced with the curtailment of holidays and other entertainment. If you are already making regular gifts it may be that you can increase these, tax free, as a result of the decrease in your expenditure. We can provide more advice about current arrangements or setting up new ones.
For more information contact Antonia Cooper on 01604 463314 or click here
to email Antonia. This article is third in a four part series. To read the final part in the series click here
, alternatively to read the previous edition on Trusts
please click here
This is an outline guide only. No action should be taken based only on the information here. you should take appropriate professional advices tailored to your specific circumstances.