The Government should create a new £100,000 inheritance tax allowance for gifts to a child to purchase their first home, to make it easier to support children to get on the housing ladder.
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Many children rely on support from their parents to buy their first home, but if their parents die within seven years of making a gift their children could be liable for a massive tax bill, on top of their normal costs of living.
Creating a new inheritance tax allowance for gifts of up to £100,000 to children to help them purchase their first home could make it easier for people to get on the housing ladder, without fearing an inheritance tax bill.