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If you’re looking to give a family member a gift or donate to a favourite charity, you might feel it sullies the gesture to think about the tax implications. But there are generous tax reliefs offered by HMRC, which could mean more money for your beneficiaries or the charitable causes you support.
Making gifts to individuals more than seven years before you pass away can be a good way to reduce inheritance tax. And then there’s gifting shares to charity, where the proceeds are exempt from capital gains tax and also attract income tax relief, making the gift of shares potentially very tax efficient.
What to consider when gifting your wealth
Is it tax efficient for me to make a gift of my investment assets?
We can help you to ascertain how much tax would otherwise be due and estimate the benefits of making a gift.
Should I discuss my overall financial situation before arranging a gift?
We can take you through your financial plan before making a gift. That way, you’ll know how much of your portfolio you can afford to gift and what this will mean for your overall tax position and remaining assets. Which investments would work best as a gift to my chosen charities? Our investment managers can suggest the holdings which will benefit from the highest tax relief, whilst also leaving you with a balanced portfolio of assets.
What needs to be put in place if I want to gift to a smaller charity?
For charities without their own investment portfolios, our dealers can arrange for a transfer of shares to the Charities Aid Foundation (CAF) dealing account at Smith & Williamson. From here they can be sold and the proceeds sent to your favoured charity.
How we work with you
Direct accessOur qualified team of professionals is at your service. When you speak to your representative, you know they’re on top of the issues that affect you.
A tailored solutionYou will receive a personal service. We provide recommendations tailored to your portfolio.
A unique holistic financial planWe consider your investments, tax and financial planning when considering your gift to your chosen charity or beneficiary.
AdministrationWe can take care of the details when administering your gift.
Get in touch
We can help you take care of your finances, and ensure you make the most of your money today with the support of our wealth management experts.
* References to taxation are based on Smith & Williamson’s understanding of current tax legislation and HM Revenue & Customs practice, which may change in the future.
Please remember investment involves risk. The value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.