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Daily Record
Daily Record
National
Katrine Bussey & Ruth Suter

Expert gives 'Bank of Mum and Dad' inheritance tax warning amid cost of living crisis

Rising bills will lead Scots to turn to the "Bank of Mum and Dad" as the cost of living crisis mounts, an expert has warned.

Lawyer Grant Jonson said that as inflation rises, increasing numbers of parents will feel obliged to give their children money.

But he warned those donating lump sums of cash to their offspring could "come at a cost" in terms of inheritance tax.

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