Plebanproud

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plebanproud
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I own a property and the title deeds are in my name and my daughter's name. The plan had been for me to buy it whilst she went to uni and then found a job so she could take it over as her home. It has been let out since buying it and I have declared the income on my tax return each year and paid all taxes due. ( I thought as I was taking all the income she didn't need to complete a tax return, having nothing to declare. ) I have now been corrected and realise we should have split the profit and completed tax returns for each of us. As an aside we would have benefited if we had both declared the profit as I was paying higher rate tax then so if we had split the income her share would have been at a lower rate than I actually paid.

As it turned out she meet her husband and they bought a place together before she took an interest or income in the property. So my question is, as she has never taken any income from the flat and I have declared all the income and paid taxes on it, how is she affected by the HMRC Amnesty on landlords? She received no income though I suppose she could be penalised for not completing an annual return. She will be completing a tax return for the last tax year and this one, though we are selling up anyway.

Your comments and observations would be welcome. Thanks

11/08/2017 14:19

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