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Posted Wed, 21 Feb 2024 15:51:05 GMT by
Hi, Last year my father signed over ownership of our family holiday property to me and my brother. The property is rented for holiday lets through part of the year. My brother and I are now the legal owners of the property however my father still manages the rental side of things and receives all income from the property into his personal account which, along with his pension, makes up his personal income. The income does not come to me or my brother at all. I'm currently employed full time and pay tax via PAYE. Do I need to complete a self-assessment tax return declaring the income from the property if none of the income is received by me personally? Many thanks, 

Name removed admin . 
Posted Thu, 22 Feb 2024 10:19:30 GMT by HMRC Admin 25 Response
Hi Claire Cieluch,
As the legal owner you are liable on any income generated (your share) irrespective of who receives the money.
In order for your father to be liable, you would need to send in  a declaration of trust stating who is the beneficial owner and the % that you have allowed them.
This must be witnessed/signed by a 3rd independant party.
This also cannot be backdated so you are still liable for any profit from the date of transfer.
Thank you. 

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