client has taken out a mortgage on his property and given the money to his daughter to buy a property
the daughter is no paying back the money to our client approx £200pm equal to the repayments on dads mortgage (interest only)
so our client has interest income form his daughter, how do we treat this?
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Replies (2)
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Is daughter paying him interest? What do the legal agreements between father & daughter say?
If he really did make a "gift" to her then presumably she is making "gifts" to him.
RM
Why do you think this is interest?
Even if Dad is making interest only payments on his mortgage it sounds as though the her payments are just repaying the capital she received.