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Should the Bank of Mum & Dad get tax relief?

How do Worthing Mums & Dads help their offspring get on to the property ladder? By helping with deposits? Or paying towards rental for their sons and daughters? Do their offspring live with them whilst saving for their own properties?

Asked on Feb 9 2010, Home Finance in Worthing | Report content

Answers (1)

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  • In answer to you headline question yes parents should get tax relief but they don't. Parents often help gift deposits to offspring to help them get on the ladder and or buy properties and let their children rent them. The credit crunch has made this a more common scenario as youngsters need much bigger deposits than they did in years gone by. Their are tax laws surrounding gifting deposits which need to be considered and understood. A good Financial advisor will help you out with this. If you wanted me to put you in touch with someone who can help let me know.

    Answered on Feb 11 2010, Report content

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