Gifting: Beware the potential tax sting of helping out

The Bank of Mum and Dad (or even Gran and Grandad) has long been supporting younger generations to get on the property ladder. If it was a bank it would be in the top ten mortgage lenders, and it's got the handy moniker of ‘Bomad' now. But this help is now increasingly extending to cost of living support. Older people who have built up wealth and investments are increasingly using that to support family and friends hit by current rising prices. Research we carried out with our customers recently found that a fifth were either planning to sell investments to dish out money to loved one...