If I bought a house, could I put it in my daughter's name (age 13?)

Also any idea on how much it would cost to do up? E.g how much to totally replaster a 2 up 2 down terrace? Thanks</p>

Foz
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On a mortgage basis no, as minors are unable to enter into a legally binding contract.

 

You could if you paid outright for it but....

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.....I think you might beliable for capital transfer tax (or it's current manifestation.) </p>

The last time I had a house fully plastered it cost about &pound;1,200. </p>

 

What would that tax entail? If it was secured against our house, isn't there something that says that e don't have to pay tax on any income from it if it is rented out? Does this not apply to the buying of it as well? thanks

 

That tax on it's own i'd not be too sure. Any rental inome that you receive will be taxed according to your tax status (IE basic/higher rate) if it's solely providing income, but if it were secured against your house then i'm fairly sure that there'd be no tax implications if you were simply using the income to pay yur mortgage on the property off. But you'd be able to claim a wear and tear allowance..
You'd basically want a decent accountant...

Tax isn't my forte, but chuck owt else financial services at me by all means!!

 

The tax is (or was) on the transfer of ownership of a large asset. nt

 

Think I might have misunderstood your question.

Edit. Try again.</p>

You're securing the loan against your house so you own the new property outright and can do what you like with it but if you give it away (to your daughter) I still think they'll hit you with some sort of capital transfer tax. If you intend to let the property you're supposed to pay tax on the income and I don't think putting it in your daughter's name will get round that.</p>

 

Thanks for your time, it's amazing the level of experience and depth of knowledge on this board! I've yet to ask a question that someone hasn't been able to answer! Cheers. I think a solicitor or financial adviser is the next step eh? Foz