The October NS&I Premium Bonds £1m Jackpot prize winners had the knock on the door over the weekend and now have the funds at their disposal.
Our clients who win the jackpot typically start thinking about gifting to their family and close friends. However, with the greatest respect to the jackpot winners we have helped, there is often a lack of appreciation of the inheritance tax consequences associated with gifting, particularly for those not used to dealing with large amounts of money.
A professional safe pair of hands from outset, provided by suitably qualified advisers, working collaboratively, is crucial to achieving a good outcome for someone suddenly receiving a large amount of capital; if nothing else, it often helps them avoid some of the common pitfalls that are so simple to sidestep with professional input.
Almost everyone will quote the ‘Annual Exemption’ of £3,000 but rarely do we find someone who is aware of all seven exempt gift opportunities.
Therefore, to help our clients and those of our friends in the professions with who we collaborate with, we have published a guide on the 7 ‘exempt gifts,’ which is free to download below.
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