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Let property disclosure
Comments
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If you and your daughter purchased this property is it owned tenants in common or joint tenants?
EDIT - your other thread says she's 20 but you bought the property just in your name with her inheritance. You really should only have 1 thread running.Forty and fabulous, well that's what my cards say....2 -
We've merged the two threads into this one.Official MSE Forum Team member. Please use the 'report' button to alert us to problem posts, or email forumteam@moneysavingexpert.com1
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Sorry I wasn’t sure where to post, thanks for merging.0
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The property is my name. Everything is in my name.0
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THEFIZZ said:The property is my name. Everything is in my name.0
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Jeremy535897 said:THEFIZZ said:The property is my name. Everything is in my name.What Jeremy said. There's a distinction between legal ownership (what's registered at Land Registry) and beneficial ownership (who benefits financially from the ownership). If your daughter is a beneficial owner as well as you then part of the income is hers to declare for tax. As she's a student then quite possibly she'll have no tax to pay. This reduces your income (and therefore tax) across all years to date.There may also be a implication for Inheritance Tax. If it is the aim for her to own the property eventually then recording joint legal ownership now may be a good idea.I echo Jeremy's thought of speaking to a solicitor.
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Robert_McGeddon said:Jeremy535897 said:THEFIZZ said:The property is my name. Everything is in my name.What Jeremy said. There's a distinction between legal ownership (what's registered at Land Registry) and beneficial ownership (who benefits financially from the ownership). If your daughter is a beneficial owner as well as you then part of the income is hers to declare for tax. As she's a student then quite possibly she'll have no tax to pay. This reduces your income (and therefore tax) across all years to date.There may also be a implication for Inheritance Tax. If it is the aim for her to own the property eventually then recording joint legal ownership now may be a good idea.I echo Jeremy's thought of speaking to a solicitor.0
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