Although more than half of parents are prepared to financially help their children buy their first home, many could be risking their offspring's property by failing to consider Inheritance Tax.
A survey of 3,346 adults, conducted by YouGov in March, reveals 52% of parents provide financial support when their children buy a house, and yet less than 10% consider the IHT implications. The research from Standard Life Bank shows while 81% of parents have provided lump sums of up to £50,000, only 4% took financial advice on gifting money to their children, while 70% of parents are unaware the money could make their children liable for IHT if they die within seven years. Around 34% of parents say they would willingly provide money to their children, while 15% provide it as a loan d...
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