Interesting Landlords Tax QuestionMake Text Bigger
Malcolm Ingham has raised an interesting landlords tax question
“Our son has a mortgage on a leasehold flat which he owns.Having gone through some lean years in a business he runs, the bank of mum and dad have loaned considerable sums to him, which he will find difficult to repay. He has offered to let us have his flat instead, as we already have a portfolio of let property. Could we have an agreement drawn up so that we become beneficial owners (but not legal owners) and be able to receive all rents and cover all ongoing costs? If so, would that avoid inheritance tax when we die, and in the meantime can we claim tax relief on the running costs, against the rental income?”
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