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  • FIRST POST
    • Nsar
    • By Nsar 12th Oct 16, 4:48 PM
    • 13Posts
    • 5Thanks
    Nsar
    Gifting a Property to Children
    • #1
    • 12th Oct 16, 4:48 PM
    Gifting a Property to Children 12th Oct 16 at 4:48 PM
    We own a house which is let out. There is no mortgage on it, we remortgaged part of our home to buy it.

    After all costs of finance and ownership, it produces c. £15k income pa

    We are seeking to understand if we can gift it to our 2 children who are students, to reduce their need to take on student debt.

    Is this possible?

    Thanks
Page 2
    • tlc678910
    • By tlc678910 12th Oct 16, 8:53 PM
    • 387 Posts
    • 759 Thanks
    tlc678910
    Hi,
    Slight tangent but if you are consider taking further mortgages to finance future rentals make sure you understand the effect of recent tax changes on buy to let.

    If you are a higher rate tax payer, or the income from your rental properties makes you a higher rate tax payer, income tax relief will only be applied to your mortgage interest at the basic rate.

    Basically if you have mortgages (and are/become a higher rate taxpayer) you can find yourself with tax bills to pay even when there is no profit made, money which you then have to find yourself.
    Tlc
    • Nsar
    • By Nsar 12th Oct 16, 10:29 PM
    • 13 Posts
    • 5 Thanks
    Nsar
    Thanks, very much aware of that
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