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10 May 2012

Who is liable for the tax on rent?

X paid off daughters mortgage with the proviso that when the property was sold the money would be returned. As the property market has slowed down selling at present doesn't seem the best option so X and her daughter are considering renting it out until they can sell at a price that will cover the loan,but they are not sure,for tax purposes, whose bank account the rent money should be paid into. The deeds of the property are in the daughters name ,but the equity belongs to X.

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