buying car for son

e_smithson

my wife recently passed away and i was left some money, i would like to buy my son a car (£20000) as she would of wanted him to have something. my son is 40 and earns a decent wage & i was wondering what would the tax implications be for both of us? thank you

wealdroam

Already answered on your other thread.

Sandoval

Isn't this the second or third thread you've created on this exact same subject now?

Fair enough you're new to the forum and don't know the ins and outs of how it works but even you must realise that starting these essentially identical threads is pretty silly.

e_smithson

dont know wot am doing was hoping for advice not daft comments

Sandoval

e_smithson wrote: »

dont know wot am doing was hoping for advice not daft comments

Since you don't know what you're doing I'll briefly explain how it works:

1. Create a thread in the relevant section asking your question.

2. Wait for people to offer advice/comments and if you so wish respond to them in said thread.

Simple.

No need to continually start new threads asking the same question over and over, replies will end up spread over three threads instead of one.

Terribly terribly sorry if you think this is also a "daft comment".

mountainofdebt

As far as I know, if you gift your son some money then provided you live for 7 years after the gift then there would be no IHT implications....if indeed IHT would be an issue.

Also there would be no tax implications for your son.

However, and please don't think I'm being rude, but would it not be better to give your son £20K rather than buy a car - which he may not need - an which will depreciate in value the moment he drives it off the forecourt.

I'm not ungrateful but I know I would rather £20K in my account so I do with it as I wanted rather than a £20K car.