Changing Regulatory Perceptions: Towards Strategy & Collaboration
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Telegraph
41 minutes ago
- Telegraph
What you need to know before giving your child a house deposit
The 'Bank of Mum and Dad' is a big business. Last year, gifts and loans from parents came to over £9.6bn, according to property firm Savills – with the money commonly being spent on house deposits. The research, from May this year, found 173,500 first-time buyers were given assistance in 2024 – around half of the total number to have bought their first home – with gifts averaging £55,572 each. Parents stumping up large sums of cash is on the rise. The Bank of Mum and Dad (Bomad) has provided £38.5bn of assistance over the past four years, up 71pc compared to the previous four years. Despite it being so commonplace, giving money to your children isn't always straightforward. How much should you give? When should you give it? Could you end up accidentally landing your offspring with a tax bill? Here, Telegraph Money answers these questions in a full guide to the Bank of Mum and Dad. How much should you give your children? When should you give the money away? What do lenders need to know about a 'Bomad' deposit? Do children have to declare the gift to HMRC? What about inheritance tax? How much should you give your children? The golden rule here is that any contribution should be affordable – this means it will vary from person to person. Crucially, you need to ensure any gift won't put your own retirement or financial stability at risk.
Reuters
an hour ago
- Reuters
EU's Kallas warns that China needs to rebalance trade relationship with EU
BRUSSELS, July 2 (Reuters) - The European Union's top diplomat Kaja Kallas told Chinese foreign minister Wang Yi on Wednesday that Beijing needed to rebalance its trade relationship with the EU and warned Chinese companies' support for Russia's war in Ukraine posed a serious threat to European security. "She also called on China to put an end to its distortive practices, including its restrictions on rare earths exports, which pose significant risks to European companies and endanger the reliability of global supply chains," the EU readout said.
Reuters
an hour ago
- Reuters
EU antitrust regulators resume foreign aid probe into ADNOC's Covestro deal
BRUSSELS, July 3 (Reuters) - EU antitrust regulators have resumed scrutiny of Abu Dhabi state oil giant ADNOC's 14.7-billion euro ($17.3 billion) acquisition of German chemicals company Covestro ( opens new tab after the companies provided the information they requested, according to an update on the European Commission website. The EU competition enforcer, which had temporarily halted its review on May 28, set a new deadline of July 28 for its decision. The EU's Foreign Subsidies Regulation takes aim at unfair foreign aid for companies which may have to provide concessions to offset the state support in return for clearance of their deals. ADNOC had in May secured EU approval for the acquisition under EU merger rules. ($1 = 0.8511 euros)
