How can I gift my children a house deposit?
How can I gift my children a house deposit? First-time buyers have become increasingly stretched https://besthookupwebsites.org/positive-singles-review/ to get on the property ladder after soaring house prices far outpaced wage growth in recent years. The so-called “Bank of Mum and Dad” has helped plug the gap and financed half of all first-time buyers in 2021, with parents gifting or loaning an average of ?58,000. Family members also handed out a record ?9.8 billion to their children, according to estimates by estate agency Savills in 2021. The Bank of Mum and Dad, and its counterpart the “Bank of Grandma and Granddad”, has been heavily relied upon thanks to extortionate house prices, but generous benefactors should be aware of tax traps along the way. For generations the notion of trusts have been associated with the super-rich and their popularity has waned in recent years.
