Call us on 01752 203500
News & Features

Friday 17th December 2010
17/12/2010 - Treasury considers abolishing tax relief on lifetime gifts
 
The Treasury’s Office of Tax Simplification is reviewing many tax reliefs available to individuals with a view to getting rid of some of them.
 
Some are historic and not frequently used but one of the prime candidates for abolition on the Treasury’s shortlist is the relief granted for potential exempt transfers. This is the rule that if you give away assets then so long as you live for seven years, the gifts fall out of your estate for inheritance tax purposes. This relief is used quite often in estate planning and is a major benefit to individuals who wish to give away assets during their lifetime in order to see their descendents enjoying their inheritance. This is often seen as a right rather than a concession and if abolished an outcry will surely follow.
 
A final list of proposed abolitions will be available ahead of the next budget in 2011 and we will update this website as soon as any further news is received.
 
Jonathan Hall (Head of Wills, Trusts & Tax Department)

YOUR LEGAL CHAMPION

News & Features
02/05/2014 - Gill Akaster named runner up in Plymouth Herald Business Awards
2nd May 2014

Gill Akaster LLP Solicitors is delighted to have been named as runner up in the Corporate Social Responsibility category of the annual Plymouth Herald Business Awards which took place las ... click for more

02/04/14 - Ongoing Expansion at Plymouth Law Firm
2nd Apr 2014