Apartment rental and taxation

[Rodial]

Own a house which is rented and our son owns an apartment. Because of work the location of the the house suits our son better.
If he moves into the house and we rent the apartment and take rental income from that instead of house.
Are there tax implication for him, he is paye worker.

the rent will be paid into parents account and we pay income tax does it affect him ? Both properties would rent for about same amount.

 

[Protocol]

As you don't own the apartment, any rental income from the apartment accrues to the owner, your son.

If he chooses to pass the rental income from the apartment to his parents, then that looks like a gift from son to parents.

 

[T McGibney]

If he chooses to pass the rental income from the apartment to his parents, then that looks like a gift from son to parents.

It's clearly not a gift though. It's rent accruing to the parents.

 

[Brendan Burgess]

Rodial
Please read the Posting Guidelines and edit the title immediately or else the thread will be deleted.

Brendan