A question which has arisen from a prospective client.
His father gave him a flat approximately nine years ago which the son used as his main residence up till two years ago. Subsequently this has been let out. Previous advisers suggested that the son (who is a 45% taxpayer) enter into a deed of gift of the rental income to the that so that the father (a basic rate taxpayer) was assessed on the rental income. Any thoughts as to whether this works?