Essential Factors When Gifting to Loved Ones (Jan 25 Protection Update)

Relevant For:

Parents, grandparents and anyone contemplating a financial gift.

Key Points:

• Tax liabilities can arise for both giver and recipient, especially with property.
• Relationship breakdowns or personal liability could reduce the gift’s impact.
• Address estate imbalances to prevent future disputes among beneficiaries.
• Large gifts can affect pension entitlements for both giver and receiver.

Full Article:

When the cost of living soars, offering financial support to family feels natural. Whether it is helping them secure a home or fund a special holiday, these gifts can transform lives. However, there are several considerations to weigh before making a gift to protect both you and the recipient.

Tax Implications