Save tax and assist your family
Now that University fees are going to continue to rise for your grandchildren, many people will be looking into ways that they can help. One way is to make regular monetary contributions to grandchildren.
Did you know that by making regular gifts out of your income, you not only benefit your grandchildren but can also benefit yourself!
If tax on your Estate is a concern for you, making regular gifts out of your income will have no adverse tax implications as regards your Estate.
The rules if followed correctly can mean that you can legitimately give away thousands of pounds tax free!! Making substantial and larger gifts from capital often has tax implications both during your life and upon your death. If you make regular payments out of your income instead this is tax efficient and gives very real benefits to your family.
If you would like to discuss whether this is a way forward for you, or want further information please contact us on 01483 564833, or email Helen@wills-etc.co.uk