Will I need to pay tax if I give my son £30,000?


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?

AIT 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.

QMY STATE pension will be lower than ex­pected, de­spite mak­ing 35 years of Na­tional In­sur­ance con­tri­bu­tions. Why?

AIN 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 paid 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.

AA BLOOD­LINE trust is de­signed to keep as­sets in the fam­ily, pro­tect­ing the in­her­i­tance of your chil­dren and their de­scen­dants. The

as­sets held in the trust will typ­i­cally be used to sup­port the ben­e­fi­cia­ries’ ed­u­ca­tion, main­te­nance, health or sup­port.

QI’VE been sav­ing into a Life­time ISA but un­for­tu­nately I now need ac­cess to some of the money be­cause I’ve been hit with an un­ex­pected bill I can’t af­ford and I don’t want to take on any ad­di­tional debt. Is there any way

I can do this?

AYES, you can take some of your sav­ings out be­fore the age of 60, even if you’re not buy­ing a prop­erty.

How­ever, it will cost you a 25% exit penalty for the

priv­i­lege. Only use your LISA if there’s no other op­tion.

QAM I able to check if my par­ents are en­ti­tled to any ben­e­fits, or do they have to do it them­selves?

ATHERE are a few ben­e­fit en­ti­tle­ment cal­cu­la­tors on­line if you have their per­sonal info. Try the Age UK cal­cu­la­tor at ageuk.org.uk, or fi­nan­cial char­ity Turn2us has one at turn2us.org.uk

You can take money out of your LISA but you’ll be pe­nalised

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