Gifting, inheritance & the season of generosity
As the festive season approaches, many people find themselves thinking more about family – and how they might support children or grandchildren, both now and in the future.
WHETHER IT’S A ONE-OFF GIFT, help with education costs, or a longer-term legacy plan, generosity can also be smart. With the right advice, you can give meaningfully while staying tax-efficient and financially secure.
Here's what to consider:
Annual gifting exemption
You can give away up to £3,000 each tax year, free of inheritance tax (IHT). You can also carry forward any unused allowance from the previous year, a useful way to make a meaningful gift with minimal tax impact.Gifts from income
If you regularly gift money out of surplus income – and it doesn’t affect your standard of living – those gifts may also be exempt from IHT. These can include contributions to a grandchild’s savings, school fees, or other support.Larger lifetime gifts
Gifts above the annual exemptions may still fall outside your estate – if you survive for seven years after giving them. Planning ahead and recording your intentions clearly is essential here.
Make generosity part of your financial plan
Gifting and inheritance decisions aren’t just about tax; they’re about values, timing, and making a lasting difference. With expert advice, you can give confidently, knowing it fits into your broader financial picture.
Talk to us about creating a legacy that lasts
At McHardy Private Wealth, we help clients give wisely – with strategies that support both their families and their own long-term security.
Download our estate planning guide for advice on what to think about or get in touch to discuss a plan the suits you.
