Wonder how much tax will be paid on that...'Bank of mum and dad' lends £5bn a year in UK, says L&G - BBC News
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No tax, they most likely remortgage primary residence to free up all that lovely free money.
Tax is for idiots working or trying to run a business.
UK property - Free money, tax free, forever!
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If mum and dad die within 7 years of the gift, then, depending on the value of the estate, some inheritance tax may be due.Originally posted by PurpleGorilla View PostDown with racism. Long live miscegenation!Comment
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I will believe it when I see it.Originally posted by NotAllThere View Post
Looks like a massive tax dodge to me.
Also a huge way to keep the Ponzi debt madness fuelled.Comment
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I don't think it is anything to do with tax.
More to do with it being the only way to get their kids out of the house.
Better still, they should have downsized when the kids went to university....Comment
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Neighbours son & partner have just done a part buy & part rent as the only way they can afford to get on the ladder I suspect with parental help. We are in a fairly well off road.Comment
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How is tax dodged? The laws on gifts and inheritance have been around for a very long time.Originally posted by PurpleGorilla View PostDown with racism. Long live miscegenation!Comment
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Downsizing. That word seems reserved for escape to the country types who want 5 bedroom detached on two acres!Originally posted by BrilloPad View PostComment
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Which only matters if mum and dad both die within 7 years of the gifts, and since mum and dad are likely to be still relatively young, the chances of that happening seem quite low. Even if not declared, I doubt very much the treasury would lose much, so you shouldn't lose sleep over it.Originally posted by PurpleGorilla View PostDown with racism. Long live miscegenation!Comment
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