20,17 and 16
Hi again.The rental income will be split between you and your husband on a 50:50 basis for tax purposes unless it is actually owned in proportions other than 50:50 and you inform HMRC by completing and submitting a form 17. Putting the rental income into accounts for your children will not make it theirs for tax purposes. You will need to complete tax returns, though if you have a PAYE source of income, look here for some options as regards ***** ***** disclosure.As far as saving accounts for your children are concerned, take a look at the notes here, here and here. If an account for a child under 18 is funded by a parent and the income it produces is over £100 per tax year, such income will be treated as the parent's for tax purposes.I hope this clarifies things but let me know if you have any further questions.