House Deposit For Son

[hilaryh53]

Would there be any tax implications if I gave my son£35,000 for a deposit on a house.

[Canary42]

Inheritance tax if you die within 7 years and your total estate plus the £35,000 exceeds the IHT limit (currently around £330,000 but increases regularly).

[dollie65]

please be aware that if your son is claiming any benefits that any monies given to him must be declared to the dhss...

[hilaryh53]

Thanks Canary 42. Have I understood correctly - should I die within 7 years and my estate well under the IHT limit, no tax implications or is this two separate considerations

[factor-fiction]

You are right, hilary- there are no tax implications if your estate falls below the IHT threshold value of around £330000 (or may be double that if you are married or a widow