Tax on rental income

Oggy123

Hello all,

I am trying to sell my house and it is currently empty. Someone I trust has asked if they can stay there for a short period (month or two), I do not want to set up a formal contract etc. they will just pay per month.
Would I be liable for tax on the money they give me? If so it would push me into the 40% bracket, could my wife or 5 year old recieve the money and reduce the tax?

Thanks

xylophone

I think this arrangement could be more trouble than it is worth for a couple of months? Might it be a possibility for your friend to live there on a rent free caretaker/show round viewers basis (check with your insurers that they are content) for the couple of months in question and then for the friend to buy you a couple of month's worth of groceries (or something of the sort) as a thank you in due course?

Perhaps you could write the friend a letter thanking him for agreeing to caretake until whatever the date is? (Just to formalise the arrangement - keep a copy for your records).

Becoming a landlord brings many requirements in its train?