4 tax tips for the Bank of Mum and Dad for the new tax year

If you are a parent or grandparent wishing to gift money in a tax-efficient way, here are a few tips to consider.

Tax tips symbolised by a family going on a dog walk in the countryside
(Image credit: Getty Images)

A new tax year means you could be in need of some tax tips. Fear not, for MoneyWeek has you covered.

On an individual level, it’s a good idea to stuff some cash into an ISA, or do a Bed & ISA, to save on your tax bill. But how can the Bank of Mum and Dad - or Bank of Grandma and Grandpa - maximise their money for their children or grandchildren?

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.