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The Gift Agreement Between Individuals is essential when one person wishes to formally document the transfer of valuable assets or property to another person without receiving anything in return. This agreement, governed by the laws of England and Wales, serves multiple purposes: it provides clear evidence of the donor's intention, helps prevent future disputes, addresses tax implications, and can be crucial for inheritance tax planning. The document typically includes details of the gift, delivery arrangements, tax acknowledgments, and any conditions attached to the gift. It's particularly important for high-value gifts or where there might be future questions about the nature of the transfer.
