Income Tax - Pre-Owned Asset

Hi, to report pre-owned asset charge on the Tax Return, how to calculate the market value if the doner is living with the donee. Can the rental value take a reference from other online real estate portal, like Rightmove and Zoopla? If the doner and donee live together, can the amount report to HMRC be divided by 2? Let's say the monthly rental cost is GBP 2,000 on the market, which means the amount reported to the HMRC can be GBP 1,000 x 12 months = GBP 12,000, am I correct? For the tax rate, it is based on the band of that person (basic/ high/ additional rate), right? Thanks!

Hi AMTAX,
Its not clear what you are actually looking for here - is it capital gains or rental income?
Thank you.

Sorry for the confusion here. Indeed, it is too complicated. I would like to know more about the pre-owned asset amount I have to report on my tax return. If I give some money to my son as a gift, and he uses it to buy a house, under his name only. But, I will live with him. As I know there is a pre-owned asset concern here, to avoid this, I have to report the market rental amount as my income tax under the benefit from pre-owned asset on my tax return, am I right? I don't know how to fill out the amount, so my next questions is can I take a reference to online real estate portal, like Rightmove and Zoopla? If the rental cost of similar house in the same area as mine is GBP 2,000/ month, can I put GBP 24,000 (GBP 2,000 x 12 months) on my tax return? Or I can put GBP 12,000 instead as I am living with my son, so the total monthly rental cost needs to be divided by two. The third question is the tax rate for the benefit from pre-owned asset, if I am in the basic tax rate band, is that the pre-owned asset tax is 20% of the amount I reported on my tax return? Thank you.

Hi AMTAX,
Please contacrt the IHT helpline on 0300 123 1072 for advise
Thank you.