Gifting to family members soars but fears of post-COVID tax hikes are not the driver

News Team, 23/10/2020

Gifting by wealthy family members to their children has soared over the past three months but post-COVID tax planning is not the primary driver, report private wealth lawyers at UK law firm Royds Withy King.

Rod Smith, partner and head of Royds Withy King’s private client team in London, said the firm had seen a three-fold increase and a degree of urgency in gifting to family members in the past three months as wealthy parents look to help children affected by COVID-19.

“Whilst those families are very aware of their inheritance tax liabilities and that government’s COVID support measures will need to be funded by ...

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