Telegraph Money reveals the ‘ridiculous’ conditions that come with gifting your assets
Soaring property prices mean record numbers face paying inheritance tax, levied at 40pc on estates worth more than £325,000.
In 2020-21, 27,000 families paid inheritance tax – but this is expected to soar to 47,000 in 2028 because of Prime Minister Rishi Sunak’s decision to keep the £325,0000 allowance frozen for the next five years.
If your family faces paying, the simplest thing you can do to sidestep the duty is give away assets during your lifetime.
After seven years, gifted cash, property and personal possessions are considered outside of your estate for inheritance tax purposes.