Family ties: the value of a loan between parent and child is a taxable benefit. Photograph: iStock/Getty
, following a move in the recent Finance Bill. The proposal means that loans within a family on which no interest is charged will be treated as a greater taxable benefit; this benefit will also become more complex to calculate. In addition, the amendment may affect families that already have such arrangements in place.
Is it government policy to make the next generation a generation of renters or is it the vultures dictating policy.
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Is the Bank of Mum & Dad still in line for a tax hit?With deposit interest rates at all time lows, parents have anecdotally been giving larger lump sums to their offspring to help fund a home purchase or renovation. The Government now appears to have these transactions in their sights, although it rowed back on changes proposed in the Finance Bill. Another FFG policy designed to make it harder for people to become home owners. The reason these loans exist in the first place is because of the government policies! people are unable to have families due to cost, not owning a home, living at home not being able to rent.. Then you have businesses moaning they cant find anyone to work for low wages ... people cant afford to live unless they are lucky to be born into a wealthy family
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