Anyone put 25% of their holiday home in their child's name?
Anyone put 25% of their holiday home in their child's name?
Author
Discussion

bobo

Original Poster:

1,726 posts

308 months

Thursday 2nd September 2021
quotequote all
...The child being 10 yo.

The funds would have to come from their account but that's hard to do considering you need to be 11 to have a child's account. seems problematic. any solutions gratefully received.

Carbon Sasquatch

5,227 posts

94 months

Thursday 2nd September 2021
quotequote all
Funds ? aren't you just gifting it ? Or is there a mortgage ?

BoRED S2upid

21,073 posts

270 months

Thursday 2nd September 2021
quotequote all
bobo said:
...The child being 10 yo.

The funds would have to come from their account but that's hard to do considering you need to be 11 to have a child's account. seems problematic. any solutions gratefully received.
They can have accounts before the age of 11 just in your name.

Mr Dendrite

2,387 posts

240 months

Thursday 2nd September 2021
quotequote all
Worth remembering that if you do this then they can’t take advantage of any future first time buyer incentives such as lifetime ISA etc.

NickCQ

5,392 posts

126 months

Thursday 2nd September 2021
quotequote all
Interested to understand what the motivation for this is.
3% SDLT surcharge? IHT? Care home costs? Tax on short term letting income? Playground bragging rights?

Welshbeef

49,633 posts

228 months

Thursday 2nd September 2021
quotequote all
Capital gains issue too.

anonymous-user

84 months

Friday 3rd September 2021
quotequote all
bobo said:
...The child being 10 yo.

The funds would have to come from their account but that's hard to do considering you need to be 11 to have a child's account. seems problematic. any solutions gratefully received.
You have to be 18 to own property I believe.

SunsetZed

3,014 posts

200 months

Friday 3rd September 2021
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Rufus Stone said:
You have to be 18 to own property I believe.
This

FWIW

3,946 posts

127 months

Friday 3rd September 2021
quotequote all
Welshbeef said:
Useful US link is useful.

BoRED S2upid

21,073 posts

270 months

Friday 3rd September 2021
quotequote all
SunsetZed said:
Rufus Stone said:
You have to be 18 to own property I believe.
This
Can’t it be put in trust? Surely the wealthy do this for their kids.

andy43

13,272 posts

284 months

Friday 3rd September 2021
quotequote all
A bare trust can be set up - managed by the trustees (you) until the child/beneficiary is old enough to take control.