Is there any tax consequences of an interest free loan from parent to son to buy a buy to let property ?
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Yes, it falls under the Inheritance Tax Rules and is classed as a Potentially Exempt Transfer (PET). If the Parent dies within 7 years of the loan being made then there are inheritance tax implications. Survive the 7 years then no tax to pay.
Not sure why a loan is a PET. It doesn't reduce the value of the lender's estate, so to treat is as a PET would increase the notional value of his estate for IHT purposes (if he dies within seven years) over and above what it would have been if he had simply held on to his money and not lent it - because the loan would be included twice! Surely that's not right. What am I missing?
Noi consequence
If you meant to say gift because there is no intention to repay - as happens all the time on a smaller scale - it would be a PET. Otherwise John is right, there are no consequences .
I have seen instances of a will being rewritten confirming that, in the event of death before repayment, the loan forms part of the childs share of the Estate on distribution to prevent siblings forcing repayment