Parents paying off mortgage

lookstraightahead

CommStone said:

Thanks for the comments (and opinions). The house that we would be upgrading too would be one that has an annex for them. It’s also a back up plan that should one of them pass away, the other would live with us. They be looking to visit and stay for 3- 4 month a year as well. That’s part of the reason for the cash injection, the other being that rather than leave it to us when the pass on, it’s better used now.
They can afford to do this lovely thing for us. 

Seriously, opinions aside, what if they need professional care and the money is in your annexe and the government see it as deprivation of assets? You can't 'avoid' paying for healthcare.

badger09

xylophone said:

Zut alors, c'est très compliqué 

Mais a quoi vous attendriez vous?  Le droit fiscal anglais n'est pas simple, n'est-ce pas?

Au contraire mon ami. Pour moi, le droit fiscal anglais etait simple (dans ma vie antérieure ) 

lookstraightahead

badger09 said:

xylophone said:

Zut alors, c'est très compliqué 

Mais a quoi vous attendriez vous?  Le droit fiscal anglais n'est pas simple, n'est-ce pas?

Au contraire mon ami. Pour moi, le droit fiscal anglais etait simple (dans ma vie antérieure ) 

Mange tout 

xylophone

Pour moi, le droit fiscal anglais etait simple (dans ma vie antérieure  ) 

Expert comptable?

Mickey666

steampowered said:

theartfullodger said:

I brought up my kids to be self-sufficient: Can't think of any circumstances when I'd do what your parents are planning but, hey, free country.

Actually, £200k per child is roughly the sort of gift you would need to give your children to give them the same life chances as you.

The generation who are retiring now or recently retired, will receive about a third more over their life time in government spending than they paid in taxes.

Interesting statistic - do you have any references about how it is calculated?

Not disputing it BTW but genuinely interested in the calculation.  Not so long ago I read a statistic that anyone who doesn't earn an average salary of £45k over their entire lifetime has not paid their own way in society and has effectively been 'subsidised' as a result.  The calculation took into account everything we receive for 'free' such as lifetime healthcare, free education to 18, subsidised uni, use of societal services and infrastructure even during the years we're not contributing towards them, etc etc.

Unfortunately I can't remember where I read it and haven't been able to find it since, but it sounds like a similar sort of thing that you've posted, though I don't think my example was broken down by age group.

CommStone

Hi all, thanks for all of the advise. It’s all excellent knowledge and advice and we will take it away and make our decision with all of the facts. 

getmore4less

According to that link no gift tax implications if within the gifting window.
IHT neutral as well. 

badger09

xylophone said:

Pour moi, le droit fiscal anglais etait simple (dans ma vie antérieure  ) 

Expert comptable?

Mais non. Ex Snr HMIT