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Helping single son to pay his bills possibly long term
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My son age 45 suffers from slight mental problems. He lives on his own, is self employed but work has dried up due to the coronavirus and other factors and he has difficulty sorting out his finances. He has a mortgage of about £110,000 and my wife and I helped him with his deposit in 2009 with £60,000. His property is valued now at about £300,000.
We urgently need to help him out again financially and could, at a stretch, afford to pay off his mortgage. My wife and I have been retired for nearly 15 years and do not know the rules regarding helping out in these circumstances especially the tax consequences.
We may need to pay his bills for a while with money that at the moment we can do without for our own day to day living. Our questions are: if he contacted his suppliers, bank, mortgage company, gas, rates, credit card, phone etc telling them we could co-handle his accounts on his behalf are they obliged to let this happen, is it a good idea? What are the possible tax consequences of our doing this? and what organisation could we approach to help get him out of his dilemma?