Transfer legal ownership or just beneficial interests to my child lives in the UK

Hi Admin I have a UK property under my name solely, and since I no longer live in the UK any more. I am considering transferring either legal ownership or beneficial ownership(i.e. rent income) to my child who lives in the UK. Option 1: Maybe a more complex transfer process with capital gain tax implications, not sure how long it would take normally? On top of that, there is tax free threshold of 375k or 500k when you transfer the legal ownership to my child.(not sure which one is applicable in my case) Option 2: Rent transfer by using Deed of Assignment, a fairly simple process in which I remain legal owner of the property.But all rent income goes to my child, obviously it will be subject to UK income tax. If we choose this option, assume it can be done by the end of next month. Myself, still need to submit the tax return by post(my only option because of NRL status) for period of Apr-23-Feb-24 And my child needs to submit income tax for only the month of March-24? Please advise, if there is any misunderstanding here. Apologise for the comprehensive questions, we are quite new to this area. Regards

Hi X0unicorn0X,
 The first option to which you refer is not appropriate to this forum as it involves Capital Gains Tax.
You can obtain more information from our Self Assessment helpline by calling 0300 200 3310.
The legal and beneficial ownership of property may be separated by a valid declaration of trust.
Further information is available here:
TSEM9150 - Ownership and income tax: legal background: ownership: legal and beneficial ownership - separation
TSEM9170 - Ownership and income tax: legal background: ownership income follows property - variation
If your income is to be split in the way you describe, you would declare the income on the basis that you outline. 
Thank you. 

Hi Admin team Thanks for your response and information provided. Apologise if I raised wrong topic here, come back to income tax from property enquiry. Can I declare and assigning 100% beneficial interest in the property to my daughter? Since all I can see most discussed cases are between spouses. Secondly, do I have to use accredited solicitor to draft Deed of Assignment? Thanks again.

Hi.

You can see information in respect of ownership and Income Tax here:

TSEM9000 - Ownership and income tax

You will require a deed of trust, however we are unable to advise who you should consult in drawing one up.