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...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes