Document background
A Deed of Gift Document is a crucial legal instrument in England and Wales used when transferring ownership of property or assets without receiving payment in return. It is commonly used in estate planning, charitable donations, family arrangements, and business succession planning. The document must be properly executed as a deed, witnessed, and contain clear details of the gift to be legally effective. It's particularly important for tax planning purposes, as gifts may have inheritance tax implications under the seven-year rule. The deed provides evidence of the donor's intention to make an immediate and irrevocable transfer, protecting both parties' interests and ensuring legal certainty.
