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New rent - self assessment question
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smithy-1969
Posts: 1 Newbie
in Cutting tax
Hi,
My dad gifted myself and my sister a small flat with modest rental income last year. I'm currently PAYE in the 40% bracket. My sister was made redundant early last year and it coincided with her having a second child, so she decided to become a house wife/mum for the foreseeable future.
My question is, I think I want to donate my half of the rent to her, to help her cover nursery fees and help in general as her husband has an unreliable modest income. Can i just ask the letting agent to give her the full amount or am I liable to pay tax on the rental income?
thanks,
Smithy
My dad gifted myself and my sister a small flat with modest rental income last year. I'm currently PAYE in the 40% bracket. My sister was made redundant early last year and it coincided with her having a second child, so she decided to become a house wife/mum for the foreseeable future.
My question is, I think I want to donate my half of the rent to her, to help her cover nursery fees and help in general as her husband has an unreliable modest income. Can i just ask the letting agent to give her the full amount or am I liable to pay tax on the rental income?
thanks,
Smithy
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See https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-case-studies at the bottom of the page0
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