Lilly Whale: Tax planning for grandparents explained

IHT implications

clock • 4 min read
Lilly Whale: "The tried-and-tested route for many grandparents is simply to gift money during their lifetime; provided they survive such gifts by seven years the value falls out of their estate. Otherwise, the gifts become chargeable and will use up all or part of their nil rate band (£325,000)."
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Lilly Whale: "The tried-and-tested route for many grandparents is simply to gift money during their lifetime; provided they survive such gifts by seven years the value falls out of their estate. Otherwise, the gifts become chargeable and will use up all or part of their nil rate band (£325,000)."

Lilly Whale looks at the options for grandparents looking to financially help their grandchildren in the most tax-efficient way...

With the widening chasm between the older generation living longer and the younger generation finding it harder than ever to fund big life events, it is little wonder that grandparents often skip their...

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