Mum and Dad need to get with it

Parents who help their children get on the property ladder are being urged to adopt a more professional approach when it comes to handing over the cash.  Faced with high rental costs and soaring property prices, more parents are dipping into savings or releasing capital from their own property to support the next generation. Research by Legal & General estimates that a massive £6.3bn was provided last year by the Bank of Mum and Dad – or BoMaD - as it’s known.  The figure effectively makes BoMaD the 11th largest mortgage…

Maximising your opportunities for inheritance tax reliefs

As the end of the tax year approaches on 5th April, it's a good time to make sure you're maximising your opportunities for inheritance tax reliefs.  This year, as well as taking advantage of exempt lifetime gifts and transfers, property owners should also look at how the new transferable residence nil rate band fits their profile. The Residential Property Nil Rate Band Under the new rules, when a person leaves a residential property to direct descendants there will be an additional nil-rate band for inheritance tax purposes – the transferable…

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