Tax advise please

Fancy

Hello I would be grateful for advice.

I would like to give my son £30000 for a house deposit. He got married 18 months ago and I was unable to give him a present, I have now inherited some money and so am able to give him this gift. Are there any tax implications for him on this? He pays higher rate tax (40%).

I am being treated for cancer, and want to give him this gift while I am still around. My estate will not be large enough for inheritance tax when I do go, thank you to anyone who can advise……:)

Mikeyorks

There are no tax implications to your son on your making the gift. Provided it's entirely with no reservation then he doesn't need to advise his Mortgage provider - if he's seeking one.

You've clarified IHT is not an issue.

The sole reservation is if you should need care? As the gift could be deemed as 'deprivation of assets'

Fancy

Thank you very much for your prompt and helpful reply!

Mikeyorks

You're welcome. And I trust your health improves.