9:51 AM, 7th September 2021, About 10 months ago 4
Hi, I want to purchase a flat for cash, for my two boys (aged 15 & 13yrs). The income will take care of any maintenance and service charges as well, and the balance contributing to their ISA’s. It also gives them a place to live sometime in the future should they want to live in the city of Manchester.
1. How best to do this?
2. In trust?
3. Or can I purchase with a percentage of say 2% and give them 48% each and if so do I pay tax on the 2% of the net income generated?
I would welcome any comments and advice to ensure the most tax-efficient way of achieving this.
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