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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own a property that is let out by a letting agent. the rent

Customer Question

I own a property that is let out by a letting agent. the rent is paid by the agent fully to my elderly parents. I do not collect any rent myself. Do my parents declare the rental income and pay tax based on their tax rate? Or do I have to pay tax on rental income based on my higher tax rate even if I do not benefit from the rent?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.

If the property is owned by you and you alone, then the rental income is yours for tax purposes regardless of what you do with it. So, you should disclose the rental income and expenses in a self-assessment tax return and pay the appropriate rate of tax based on your income.

Take a look here for more information non letting a property and tax.

I hope this helps but let me know if you have any further questions.