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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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If I buy a flat in my son's name but all rental income is paid

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If I buy a flat in my son's name but all rental income is paid only to me, will this asset affect his entitlement to student loans/grants? He is in 3rd year Medicine at Glasgow University, but is from England so pays full fees etc.
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to ba able to help you with your question. Your income is the measure used to assess a student grant so the rental will be relevant. Don't forget that when you sell or give away the flat you will be liable for Capital Gains Tax (CGT) on the gain on disposal. I had a questioner who did exactly what you are doing and sold many years later. It cost him 35K in CGT for a house he never occupied. I do hope I have shed some light on your position.
Expert:  bigduckontax replied 1 year ago.
Your quetion has reappeared on my listings. Do you perhaps have a follow up question which has not registered?
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.