Bank of Mum and Dad risks landing children with tax bill

Legal experts are warning that growing reliance on the Bank of Mum and Dad is leaving their children in danger of landing with a hefty tax bill. Cash gifts could leave the recipients with a large bill because of inheritance tax, which is payable for up to seven years after the money changes hands. Law firm Lindsays has seen a rise in the number of cases it is dealing with where people risk being stung with an unexpected inheritance tax bill because they and their parents were unaware of the implications of what they thought was a gift.

Daily Mail (14/12/2020