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Our client, a director of a building company, acquired an investment property in London in 1999 for letting; the property was registered in his sole name. A loan was taken out with a lender on a 'buy to let' mortgage with 30% of the purchase price coming from capital provided by his mother.
Our client a director of a building company acquired an investment property in London in 1999 for letting; the property was registered in his sole name. A loan was taken out with a lender on a 'buy to let' mortgage with 30% of the purchase price coming from capital provided by his mother.
Our client agreed with his mother that he would source the property and deal with the running of the letting 'business' i.e. arranging agents/tenants/maintenance etc and they would share the letting income 50/50. It was also agreed that in the event of a sale of the property any capital gain would be similarly split 50/50.
Tax returns have subsequently been submitted reflecting the 50/50 split of letting income (we were not aware until now that the property was registered in his sole name).
HMRC have now launched an...
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