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ARTICLE · 20 MAY 2020

Gifting Assets In The UK During Coronavirus

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Individuals may consider giving away valuable assets to family members for various personal reasons, but one of the most logical reasons (at least, for UK domiciled and deemed domiciled individuals)

United KingdomTax
Charlie Tee
Charlie Tee
Natasha Oakshett
Natasha Oakshett
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Individuals may consider giving away valuable assets to family members for various personal reasons, but one of the most logical reasons (at least, for UK domiciled and deemed domiciled individuals) is that doing so reduces the value of an individual's assets that are subject to taxation when they die, and reducing that charge to inheritance tax means more to give to chosen beneficiaries. The timing and mechanism of making gifts may be impacted by the nature of the asset and the individuals in question, but also the commercial circumstances.

Depressed asset values could be a good reason to triggering (less) tax now

Right now, the stock market turmoil in the wake of the spread of COVID-19 has, for some individuals provided new impetus for making gifts of assets whose values have significantly fallen

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