Making gifts of assets
It is important to provide accurate tax advice on the implications of such a transaction, as well as advising a client on the rules against deliberate deprivation of assets.
Whether the client wishes to gift assets or to offer them at significant undervalue, you must advise them about the benefits and risks of doing so and clarify your role and responsibilities in the process.
This practice note is the Law Society’s view of good practice in this area, and is not legal or tax advice. For more information see the legal status.