Four tips for end of year tax planning
By , 8 Feb 17
As the UK approaches the end of another tax year, Tony Müdd, divisional director for development and technical consultancy at St James’s Place, talks through how to make the most of all the allowances and exemptions available.
“Those with estate planning needs should consider using their gifting exemptions before 6 April. The main one is the £3,000 annual exemption, which can cover just one recipient or be split across several.
“The value of these gifts will immediately fall out of the estate for Inheritance Tax purposes. Other exemptions cover wedding gifts, where the allowance varies from £1,000 to £5,000 (depending on your relationship to the couple); regular gifts made out of surplus income; and any number of gifts worth less than £250 in a single tax year.”
Tags: St James's Place
