I refused to help my son by a house — but now it might help me dodge tax

Richard doesn’t want to give his son ‘handouts’ (Picture: Getty Images/Westend61)

The Bank of Mum and Dad is now involved in roughly half of all first-time buyer purchases in the UK.

For many young people facing a toxic combination of stagnant wages and soaring house prices, it’s the only way to get onto the property ladder before the age of 40.

But while many are only too happy to help their kids out, there are those who feel handouts are no match for hard work and saving.

This week’s reader, Richard, 79, from Cheshire, is firmly in the latter camp.

However, a recent visit to his financial adviser has him rethinking his refusal to stump up a...