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Legal, pensions and money

Give or loan towards DD’s down payment?

(129 Posts)
mokryna Mon 07-Aug-23 08:04:01

I would like to help with the down payment on a house my DD and SiL are buying, which they have the mortgage already in place. What are your experiences and what would you recommend? I have already written a will but I don’t want to waste money on either me or them paying more taxes as they have already paid stamp duty.

Kavenow Thu 14-Dec-23 14:55:44

One option you might consider is gifting the money rather than loaning it. This can have potential tax benefits, as gifts are typically not subject to income tax or stamp duty.
However, it's crucial to consult with a financial advisor or a professional like my hullmoneyman.com/mortgage-broker-in-willerby/ to understand the specific tax implications in your area and how to structure the gift properly. They can provide you with tailored advice to ensure both you and your DD benefit from this arrangement while staying compliant with tax regulations.

Norah Thu 14-Dec-23 15:07:12

We give gifts. But well thought out and carefully documented, done with advice of our solicitor and accountant. No pockets in a shroud.

Germanshepherdsmum Thu 14-Dec-23 15:23:06

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