Property is now included in most inherited estates but can lead to an unnecessary tax bill for the recipient. William Edwards from our Private Client team recently spoke with The Times Money Supplement about common misconceptions about gifting property and the seven-year rule which is a valuable tool when estate planning.
William said: “Gifting property in your lifetime can be a good way to manage inheritance tax if done correctly, but it is fraught with danger. You need to be really careful when gifting the family home — it is better to give away assets that you know for sure you will not need in the future, for example a second home.”
Read the full article in The Times (subscription may be required).