Hi,
We have two children who were each left some money in a will by a relative. Each with the same amount. The kids are minors.
We are considering using this money, matching it with our own to buy an investment property. There would also be a mortagage of say 50% ltv. We would put the property in all our names.
Can i ask what the tax liabillity would be on something like this. Would the children be subject to income tax at the same level/rate as the parents. Is this a good way of doing this or should we consider something else?
Thanks.
We have two children who were each left some money in a will by a relative. Each with the same amount. The kids are minors.
We are considering using this money, matching it with our own to buy an investment property. There would also be a mortagage of say 50% ltv. We would put the property in all our names.
Can i ask what the tax liabillity would be on something like this. Would the children be subject to income tax at the same level/rate as the parents. Is this a good way of doing this or should we consider something else?
Thanks.