Home Buying Advice
Inheritance Tax Planning
Parents can help their children buy a first home. Laws surrounding inheritance tax (IHT) change slowly but it's worth keeping up with how you can leave as much to your children as possible. You may even want to give them property or money before you die to help them onto the property ladder. However, making a gift to children could indeed attract a tapering tax burden that could fall to them depending on when you die after having made the gift. If you are thinking of making a financial gift to help your children to buy their first property, then tax advice is essential. In addiiton, if you are helping your child with their mortgage then you should also seek tax advice.
We cover a lot about the tax implications of helping your children onto the property ladder in our How Parents Can Help Guide but every case is different. Due to varying personal tax situations it is worth seeking a personal consultation with an Inheritance Tax Advisor. Getting good inheritance tax planning advice is important as it is fairly complex.
The pre-Budget report of October 2007 made some changes to inheritance tax laws as they affect married couples and those in civil partnerships; however, the rules on giving children money or property before you die have not changed and in some cases have even been tightened up. You still need advice from an expert before giving away any sizeable asset, whether this is money or property.
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