Should I give my daughter money to help with energy bills?
My eldest daughter, who recently moved to London to start her career, has confided in me about the extent to which her energy bills and the general cost of living are damaging her finances. Unable to cover the costs based on her salary, she has been forced to dip into her savings. To deal with the impact of soaring inflation and bills, is it advisable to gift money to our daughter now or should we hold off until she is older? If we choose to gift now, how much money can I gift tax-free and what are the tax implications on large gifts?
BDB Pitmans’ private wealth partner, Judith Millar, answers a reader’s question regarding the tax consequences of large cash gifts for the Financial Times.
To read the article in full, please visit the Financial Times website.