property ownership senario

[just my luck]

hi can i ask if property can be put in another name and if that person is claiming benifts how it would affect them, and if they decided to let the shop without rent being paid for it would they still be liable to be taxed. or anything else?:o

can a property be put in any name??

[yeahbutno]

If the DWP believe you have deliberately deprived yourself of income or assets in order to claim benefits, then they treat it as benefit fraud and act accordingly.

Leasing a property for "no rent" (when you'd obviously be getting it in cash, right?) would be a pretty poor attempt to cover your tracks. :rolleyes:

At the end of the day, if you own a property that you are able to let out, and get rental income for, then I'd struggle to see many circs where you could justify claiming means-tested benefits of any kind.

[just my luck]

If the DWP believe you have deliberately deprived yourself of income or assets in order to claim benefits, then they treat it as benefit fraud and act accordingly.

Leasing a property for "no rent" (when you'd obviously be getting it in cash, right?) would be a pretty poor attempt to cover your tracks. :rolleyes:

At the end of the day, if you own a property that you are able to let out, and get rental income for, then I'd struggle to see many circs where you could justify claiming means-tested benefits of any kind.

hi my mum has the property not me im on benifits and wandered that if were to have the property in my name how it would affect my benifits or if she let the property to me but charged no rent for its use manythanks for your reply

[yeahbutno]

Depends on the specific benefits. For example, Disability Living Allowance is non-means-tested, and would be unaffected. However, Income support, jobseekers allowance etc ARE means tested, and would be affected.

If we're talking about the latter, then if your Mum gave you the property, you would have to declare a change of circs to the DWP/revenue, and your benefit would be stopped because you are only allowed a limited amount of savings or assets if claiming means-tested benefit. The rental income will also be liable for income tax.

However, I'm still confused about the exact situation, and what you're trying to achieve. Are you talking about starting up a business in the shop?

[just my luck]

Depends on the specific benefits. For example, Disability Living Allowance is non-means-tested, and would be unaffected. However, Income support, jobseekers allowance etc ARE means tested, and would be affected.

If we're talking about the latter, then if your Mum gave you the property, you would have to declare a change of circs to the DWP/revenue, and your benefit would be stopped because you are only allowed a limited amount of savings or assets if claiming means-tested benefit. The rental income will also be liable for income tax.

However, I'm still confused about the exact situation, and what you're trying to achieve. Are you talking about starting up a business in the shop?

hi to be honest my mother is terminally ill with cancer im her only son but im unable to take the property from her as i was made bancrupt 2 months ago and am now on benifits wich means any assets i might have will have to be sold to pay my creditors what can we do to keep the property as she wants me to have the property,i do have children but there mother is on benifits as well regards

[yeahbutno]

Sorry to hear about your Mum. :(

Your Mum could leave the property in trust to the children until they are 18/21/whatever age. It can be let out, and all the income held by within the Trust. As neither you nor their mother would actually be getting any income or an extra asset, then your benefits should be unaffected. As a bankrupt, I am not sure if you are legally able to act as trustee yourself, but it should certainly be someone that you & your Mum are able to trust.

I think you & Mum need some decent financial advice, from someone who specialises in inheritance planning.

[just my luck]

Sorry to hear about your Mum. :(

Your Mum could leave the property in trust to the children until they are 18/21/whatever age. It can be let out, and all the income held by within the Trust. As neither you nor their mother would actually be getting any income or an extra asset, then your benefits should be unaffected. As a bankrupt, I am not sure if you are legally able to act as trustee yourself, but it should certainly be someone that you & your Mum are able to trust.

I think you & Mum need some decent financial advice, from someone who specialises in inheritance planning.

hi yeahbutno
thanks for your advice kind regards