Wrapping up rules on inheritance tax
Christmas is a time for giving, but for many farming families with the prospect of reduced subsidies and much uncertainty ahead, the idea of an expensive festive period can cause concern. However, the end of the year can also be a good time to review your overall finances, re-evaluate your estate and, and if they have not already been used, a useful way to use your annual allowances to reduce your estate for inheritance tax purposes.
Gifts of money are usually very well received, but it is important to understand the inheritance tax implications in the long run, especially if a large retrospective tax bill could upset the apple cart and put the future continuation of the farm into jeopardy.
But if you are in a fortunate position, lifetime giving…