Going to university and getting that first taste of independence is an exciting step for students. There’s a lot to consider and parents may of course wish to support their children financially where possible.
Here are three tax planning points of which you should be aware if your children are heading off to university.
Income Tax on Student Earnings
Funding your children through university?
Purchasing a student house?
We can advise and assist you in setting up a trust, which would allow you to structure the purchase in such a way as to get the best of both worlds; allowing you to retain control over the property whilst being able to benefit from the reliefs available to your child.The right advice will help to avoid unexpected tax consequences and will enable you and your child to focus on other things, such as the study versus socialising balance!
If you have a child leaving for university this year and you're considering supporting them financially, get in touch with Emily for more advice.Contact Emily
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