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Bank of Mum and Dad risks IHT trap

14-06-2017

A survey by Key Retirement has found half of parents and grandparents do not understand the tax rules on gifting. Nearly three out of four (73%) say the rules are very complicated, while nearly two out of five (38%) are not aware their estate might be liable for IHT on gifts to family members. The research also showed 58% of parents and grandparents want to be able to help children and grandchildren on to the property ladder. Dean Mirfin, technical director at Key Retirement, warned that many gifts would needlessly fall into the IHT net because they took the form of a lump sum instead of being spread over several years. He added: “We would support tax breaks on gifts and early inheritance in those instances where the incentives can be used for major intergenerational gifts, which have a greater perceived societal benefit.”

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