Hello there, wondering whether I need to include this in a Tax return and if so, under which parts of the Property section.
My father bought an 'apartment hotel suite' investment in my name with part of his capital lump sum pension fund after taking retirement. This is a commercial property therefore subject to VAT returns etc. and I receive 'quarterly income' for the unit based on occupancy of the hotel room over each 3 month period. The arrangement is that all the income I receive from this investment is transferred directly to my father each quarter effectively to pay back the 'capital' he put in, without interest.
So I gain no income until this capital is repaid, and he gets his pension capital back over a longer period in quarterly transfers from my account. I cannot see how either of us have any income tax liability with this arrangement currently (IHT possibly, and a separate issue) - for the purposes of the income tax return, is it sufficient to put a comment to this effect in the 'property additional comments' section, or do I need to submit this info in another way?
Many thanks for any advice!
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