We are buying my niece a house as a buy to let property. The deposit is being funded mainly by my wife's and mine savings but we are also using our children's savings (which we can return in a few years when another investment matures). The children's savings are in their names.
I am a higher rate tax payer. I note also that the rent can be at "non commercial rates" but there will still be an annual taxable profit.
Can we therefore share the profits between all of us and utilise the childrens personal allowances?