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My son is buying his first property. I want to give him £50k to increase his deposit to allow him to access the best deals currenty available to purchasers with a higher equity to loan ratio. What are the tax implications and other pitfalls to be aware of in this situation.
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37You can give the £50K to your son as a gift. There will be no tax liability on your son if you live for the full seven years after the gift date, otherwise this gift goes back to your estate for calculation of inheritance tax.
Posted on 02 May 2010 |
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879Is he buying on his own or is someone else sharing in the purchase?
Will anyone else be living there with him?
If anyone else, for either answer, please advise the relationship between them. You must consider what you would want to happen to your 'contribution' in the various possible outcomes.
I was in the same situation recently.
Mike
Posted on 02 May 2010 | Love 0 loves
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0Thank you for these replies and apologies for the delay in getting back - have been away!
Mike, yes he will be buying with his girlfriend; have you any advice about how to set up this loan/gift in the event that the relationship ends?
Magicol
Posted on 12 May 2010 | Love 0 loves
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