Q. My husband and I own a rental property in joint names. We would like to transfer ownership of the property to our twelve-year-old son. Can minors own property in the UK? 

A. In this country, a minor (someone under the age of 18 in England) cannot legally own a property. This means that an adult must be the legal owner, and own it on bare trust for the minor, who will be the beneficial owner. You can therefore transfer to your son, but he will not become the legal owner until he is 18. 
Another issue to be aware of is that when a parent transfers an asset to a minor and the asset produces income of more than £100 per year, the parent is liable for income tax on that income until the minor reaches the age of 18. 
Added By: Sharon Worger on 07th Mar 2019 - 12:11
Last Updated: 07th Mar 2019 - 12:51

Number of Views: 357
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