Jeff Bezos recently announced that he intends to gift the majority of his wealth to fight climate change, support charities and humanitarian causes. Unfortunately, Jeff is a US citizen and therefore subject to US tax legislation and rules. Sorry, HMRC, you've missed out on this one… says Max Sullivan, wealth planner at Kingswood. But it does raise an important question, does gifting wealth during one's lifetime in the UK come with any tax considerations? The answer is YES. A simple family gift could land an individual in hot water when it comes to UK Inheritance Tax (IHT) rules. Below we...
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