Ive been out of the UK for many years now and am non-resident. Earlier this year, my father passed away and his entire estate was left to me and my sister ( who still lives in the UK).
Part of his estate was his flat, which he owned out right and now belongs equally, ( or will once probate is finally completed!) one half share, to my sister and I. Rather than sell it, we have chosen to rent it out, and my I am happy for my sister to have all the income from it.
However, the spanner in the works is the non-resident landlord scheme, but maybe its not a spanner at all, hence my question here,
What I want to do, is for all the money from the rent to go straight to my sister. I see from the non-res landlord scheme, that the agent has to take tax from the money collected from the tenant, and i am fine with that. My question is, I am hoping just my half share is taxed, not the whole amount, and also, we are getting just 600 a month rent, my income from this rent is just 3600 a year, and i have no other rent income ( or any income at all) from the Uk, so do I even pay tax on that small amount??
and secondly, what tax issues arise, if any, from me giving my share of the rent to my sister??
Thanks in advance to any help
Ernie
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