Hi Honey Bee
I do not think it is a good idea to be giving your son a deposit to buy a house, it would be a much wiser decision for him to make some attempt at saving for the deposit himself. Purchasing a house is one of the biggest financial outlays a person will make in their lifetime and saving for the deposit is all part of that process. It teaches discipline and prudence and they appreciate their new home all the more seeing they worked hard to achieve the dream.
No, even if the amount is made as a gift rather than a loan, it is well under the threshold that would be liable to CAT.
Hi Honey Bee
I do not think it is a good idea to be giving your son a deposit to buy a house, it would be a much wiser decision for him to make some attempt at saving for the deposit himself. Purchasing a house is one of the biggest financial outlays a person will make in their lifetime and saving for the deposit is all part of that process. It teaches discipline and prudence and they appreciate their new home all the more seeing they worked hard to achieve the dream.
Is the OP's son liable to tax on notional income for receiving the loan tax free? A sort of BIK.
Or am I imagining something that is not there at all?
Good lord, what a response. How is it up there on that horse?
Your point may be valid, but I don't think the OP asked for a lecture from you about the rights and wrongs of the making of the loan - and without knowing all of the circumstances of the parties it's hardly fair to be pontificating to them (for all you know the son might have been out of work and had his savings dwindle, or only recently have started earning sufficiently to start saving towards a deposit).
Apologies for my response to your question. There have been past threads on here with people giving their children loans and even going guarantee with the loan and often it does not work out very well.
I wish your son well, he sounds like a terrific man.
Your point may be valid, but I don't think the OP asked for a lecture from you about the rights and wrongs of the making of the loan - and without knowing all of the circumstances of the parties it's hardly fair to be pontificating to them (for all you know the son might have been out of work and had his savings dwindle, or only recently have started earning sufficiently to start saving towards a deposit).
+1
Apologies for my response to your question. There have been past threads on here with people giving their children loans and even going guarantee with the loan and often it does not work out very well.
.
Perhaps an objective comment?
It would be worse than useless if, any time a poster posted a specific query, without any background, contextual and grounding information, any helpful, unpaid, expert, voluntary, giving their own time and expertise - tick as appropriate - replying poster did not, at the very least, ask some very specific circumstantial questions to ascertain the overall position.
So - if Honey Bee had, for example, said: Oh by the way, to put this in some sort of context, here are some salient facts..........Oh and I do completely get the risk of losing the money........
That would have changed the responses.
And, perhaps, if the reply from cashier had included words like: there may, of course, be all kinds of extenuating circumstances........can only go on problems that other posters have encountered etc.,etc.
It would have sounded less harsh. But the points made were valid and sensible.
Now, moving along............
Answering the question asked - a good advisor would not do so without getting an overall perspective. People on this site are giving of their time and experience freely and willingly so, to suggest that only the question asked should be answered, is a little bit naive.
"Moral direction?" "We know who the worst offenders are? "
Ah now!
mf
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