#11
Cheers Badger!!





I forgot to thank you yesterday too.. so thank you..





I know from the last year, we began researching property buying for first time buyers and then the list of ' what you need to do' became a minefield of information including getting confused between money given as gifts etc and savings accounts.. its truly hard work when you don't really know what your reading or trying to make sense of it all. We were both also convinced that when applying for a mortgage in the next 3 years, the solicitor or bank would want to know how the £17,000 of gift savings were justified even though they are accumulated within the last 5 years from friends and family.





Today we shall be reading the links you provided and my daughter will defo open a LISA this Tax year and also the HTB in the next week..





I can honestly tell you lovely people.. she doesn't even have a credit card.. so that's the next thing she has to do to , to build her credit file history.. phew!! I believe it all work out in the end.





Cheers everyone who have taken the time to reply..

#12



Cheers Badger!!





I forgot to thank you yesterday too.. so thank you..





I know from the last year, we began researching property buying for first time buyers and then the list of ' what you need to do' became a minefield of information including getting confused between money given as gifts etc and savings accounts.. its truly hard work when you don't really know what your reading or trying to make sense of it all. We were both also convinced that when applying for a mortgage in the next 3 years, the solicitor or bank would want to know how the £17,000 of gift savings were justified even though they are accumulated within the last 5 years from friends and family.





Today we shall be reading the links you provided and my daughter will defo open a LISA this Tax year and also the HTB in the next week..





I can honestly tell you lovely people.. she doesn't even have a credit card.. so that's the next thing she has to do to , to build her credit file history.. phew!! I believe it all work out in the end.





Cheers everyone who have taken the time to reply..
Originally posted by snoop2008


You're very welcome.



I'd suggest your daughter registers on here herself so that when she has done some reading, she can ask questions directly, if necessary.



She won't be able to able to open a LISA this tax year because they won't be available until next tax year



Applying for a credit card is a good idea. Its advisable for someone inexperienced in using them, to set up a Direct Debit so the full balance is paid off every month. The last thing she needs is missed payments and the resulting interest & fees charged.

#13
Thanks Badger.. my daughter said she will defo sign up here and thanks you all for your great advice.. I agree she has a lot to learn before she decides to make the biggest purchase of her life.. Direct debit is really good to know.





It's been a year since I came here but read lots on the main site, I know my daughter will get lots of advice here..





Look after you, stay cheerful and thanks again!!

#16
Good afternoon everyone.. Hope your all having a good day!!





I have been doing some reading on the moneysavingadvice site, very helpful.





I may have put this question in the wrong place, so I apologise if I have.





I have some understanding.. about the LISA. save £4000 and the government contributes 25% on the whole amount £1000.





I have also been reading about Gifts and exemptions from inheritance tax.





As far as I can see.. the annual exemption for giving away £3000 each tax year is free from inheritance tax..





so my question please. is this..





can this £3000 cash gift be put into the LISA for my daughter? its just something I was thinking about, and wondered if this was possible.





Many thanks in advance.

#17



Good afternoon everyone.. Hope your all having a good day!!





I have been doing some reading on the moneysavingadvice site, very helpful.





I may have put this question in the wrong place, so I apologise if I have.





I have some understanding.. about the LISA. save £4000 and the government contributes 25% on the whole amount £1000.





I have also been reading about Gifts and exemptions from inheritance tax.





As far as I can see.. the annual exemption for giving away £3000 each tax year is free from inheritance tax..





so my question please. is this..





can this £3000 cash gift be put into the LISA for my daughter? its just something I was thinking about, and wondered if this was possible.





Many thanks in advance.
Originally posted by snoop2008


First question: is your estate likely to exceed the IHT limit, currently £325k?



Second question: is there a Mr or Mrs snoop2008?



The reason I ask is that if your estate is/will be below the IHT limit, then forget about it. But in principle, you can give away £3k each year without any impact on IHT. What your daughter does with it is up to her

#18
Afternoon Badger.. many thanks for this.. hmm Mr snoop2008 is long gone.. god bless him!! Its just me and juniorSnoop now lol..





My estate is well below the threshold. I was just pondering on financial planning.. . Something for me to think about.





Cheers!!

#19



Afternoon Badger.. many thanks for this.. hmm Mr snoop2008 is long gone.. god bless him!! Its just me and juniorSnoop now lol..





My estate is well below the threshold. I was just pondering on financial planning.. . Something for me to think about.





Cheers!!
Originally posted by snoop2008


In that case, forget about IHT.



The only other potential issue if you are considering giving your daughter large amounts of money, is 'deprivation of capital'.



Basically, you can't give away lots of your money & then expect the local authority to pay for your care, or claim state benefits.

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