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CONSIDER MAKING REGULAR GIFTS OUT OF SURPLUS INCOME
Why not consider setting up a standing order to family members? Such regular gifts can be outside of the scope of inheritance tax provided they are made out of surplus income and not out of capital. It would be necessary to demonstrate that you are left with sufficient income after tax and living expenses to maintain your normal lifestyle. Unlike the £3,000 annual inheritance tax allowance there is no monetary limit for regular gifts out of income, provided the conditions are satisfied.
LB Group can review your personal circumstances to see if you are able to take advantage of this tax relief.
LB Group Chartered Accountants in London, Essex and Suffolk can assist with this. Local Accountants and Tax Advice.
LB Group Chartered Accountants are a top 75 Firm in the UK of Accountants providing Audit, Tax and Advisory Services across a variety of industries.
With offices in London, Chelmsford, Colchester and Ipswich our partner led approach with fixed fee options provides a professional and proactive service to both business and personal clients.
LB Group Chartered Accountants offer customised Accountancy, Audit and Tax solutions along with other Advisory Services including Corporate Finance, Insolvency and Financial Solutions tailored to meet your needs.
At LB Group Chartered Accountants, we are passionate and committed to providing excellent customer service for each and every client. Our organisation is built on strong relationships with our customers and business associates.
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