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Where Taxpayers and Advisers Meet
Tax on Rental Property for Care
My Dad arranged for his pension to go into an account he asked me to open in my name as he didn't trust my brother, things all ran smoothly until he went into care, he then asked me to open another account for rental from his property to go in to, I did this, and though both accounts are kept separate to mine and only go on his needs, I have concerns as to whether this effects my Income Tax as I am on Contribution based ESA?
Re: Tax on Rental Property for Care
I'd be more concerned about the tax implications if your dad isn't declaring the income.
Re: Tax on Rental Property for Care
The inference from your post is that although two accounts are in your name you hold them as trustee/nominee for your father.
If HMRC or any other body make any enquiries you need to be in a position to demonstrate the above if my understanding is correct.
As bd's post suggests your father would need to declare both his pension and the rental income which would heavily support the above.
If HMRC or any other body make any enquiries you need to be in a position to demonstrate the above if my understanding is correct.
As bd's post suggests your father would need to declare both his pension and the rental income which would heavily support the above.
