Rocky S

Hi, As mentioned above my adult child will be liable to income tax on the rental income received. I have submitted last self assessment for year 2023-2024 to HMRC yesterday. There is no addition untaxed income to be declared since July 2023. Can you let me know what is the process to have my SA account closed. Thanks

Thanks for your response. As per your response, I understand, as my Adult child is beneficial owner (as beneficiary of rental income) and is liable for tax payment on the rental Income. Could you please confirm me being a legal owner of the property, do I have any tax obligation as legal owner of the property and settlor of the trust? I have checked guidance available online and I am not able to find an appropriate information. Thanks, 

Name removed admin 

I am a full time employee and pay my taxes via employer. I have set up a non taxable trust and transferred my rental property to my adult child, however the title of the property remain on my name. As an adult and beneficiary of rental income, she now receives the rental income and will be paying the taxes on all her income including rental income. Do I have any obligation to pay any remaining income taxes for that property?