Parents could save on inheritance tax by putting money into their adult children’s pension pots AlamyParents are being urged to consider putting money into their adult children’s pensions pots by an insurer who says that it has multiple tax advantages for both sides. Royal London says that it would make more sense for parents to release equity in their homes to pay their offsprings’ pensions than for children to raid their own pensions to pay for homes — a scheme suggested earlier this week by James Brokenshire, the housing secretary . Steve Webb, director of policy at Royal London, says: “It is a little known fact that a parent who puts money into their child’s pension could be doing them a favour three times over.”The recipient gets a boost to their retirement pot, plus tax relief at the basic…

Source: The Times June 05, 2019 11:03 UTC