DEAR TRICIA

Need some practical financial advice? YOUR MONEY Editor Tricia Phillips and her team can help

QIs it OK for me to give my son £30,000 towards his mortgage without him or me paying any sort of tax, or anything similar?

It is a gift. Therefore, anything over the £3,000 annual allowance will be classed as a “potentially exempt transfer” for inheritance tax purposes. Bear in mind there could be tax to pay if you die within the next full seven years. But it depends on the wealth in your estate as to whether there would be any IHT to pay.

AQI was a bit confused by a recent letter on your page regarding the full state pension. My state pension will be less, despite making 35 years of National Insurance contributions. Why?

In 2016 the state pension saw a big change. While the aim was to make the system fairer for all and easier to understand, it can still be a minefield – and some retirees have lost out from the changes. This can typically be because they were opted out of part of the state pension and

Apaid lower NI contributions. If you don’t think this is the case and need further help then contact the Department for Work and Pensions on 0800 731 7898.

QCan you explain what a bloodline will is in financial speak? I’ve been told it’s a way for those who’ve been married before to ensure their own children get their inheritance, while still ensuring that a surviving spouse can continue to live their life without any hardship.