Lilly Whale: Tax planning for grandparents explained

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 Generation X children in favour of passing their wealth to their Generation Y/Z grandchildren. Nowadays Gen-X simply cannot always help with university fees or the deposit for a first home, whereas grandparents often can. Despite the shift in modern-day money habits, the law on gifting - at least from an inheritance tax perspective - has unfortunately remained steadfastly limited. That ...