Paul Wilcox: The under-exploited 'normal expenditure' rules

This is what is technically termed the ‘normal expenditure' rule but, for people in the know, is more commonly called ‘gifts from income'. Not only is this a wonderful tax break but the other, very specific benefit, which is not really available anywhere else - particularly in the case of gifts linked to normal conservative investment strategies - is the instant full exemption from inheritance tax (IHT) … not after two years or even seven years, but from the very same day that gifts are made. Such gifts do not use any other allowance or exemption but are instantly out of any future IHT c...