Hazel Grove Forum

A Suburb in Stockport

10 10 / 10 from 9 Reviews

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vulcanman posted..

Gifting is very common indeed where a sum of money is passed down to the next generation to avoid paying inheritance tax. It is all about timing, in that if the person who makes the gift survive for 7 years after the gift then tax is not due. Similarly, people often transfer ownership of a house to the next generation so that the family house is not taken into account for any end of life care needs. All perfectly legal to the spirit and letter of the law with no expensive tax advisers being required; any solicitor can take care of this for anybody.

I suppose that these are both examples of tax avoidance, although it is usually called tax planning. Tax evasion is a different matter and needs stamping out once and for all.