I don't know if this is in the right section, but I need some advice please.
My parents do not live in the uk. They have retired outwith the uk and visit for a couple of months a year.
They want to buy a place for them to stay in when they visit. However, they wish to rent it out as a holiday place when they are not here so it washes it's face. They would only need to let it for 2/3 months to achieve this.
They do not want any ties to the uk property wise.
Can they put the property in their grandsons name? What are the implications? Will this affect him if he one day wants to buy a house? He is an infant.
Can any income from the property be put in his name in the same way? They want to start building up a fund for him and thought this would be a good way to do it - as I understand he will avoid income tax under £10k?
What are the tax rules on a holiday let? Do they have to be declared if under the threshold? What makes it classed as a holiday let?
Any and all advice would be very welcome.
Thanks in advance.
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Buying a holiday let
138 replies
slithytove · 30/07/2014 13:23
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