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Moving into dad's freehold property.
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bobbyzzz_2
Posts: 12 Forumite
Hi my dad owns a freehold property that was put on rent. Currently it's vacant. I live with my parents at the family home, and am considering moving into the vacant house. I'm not expected to pay rent to my dad, but to cover only the utility bills, tv license and council tax, etc..
Am I correct to assume that as my dad won't be receiving any income from it, he doesn't need to declare anything on his tax return. And I don't have to do anything but pay the bills. Everything's legit!
Also, could there be an IHT issues later?
Am I some how missing out on something that I've forgot to think off that should be cause for thought.
Am I correct to assume that as my dad won't be receiving any income from it, he doesn't need to declare anything on his tax return. And I don't have to do anything but pay the bills. Everything's legit!
Also, could there be an IHT issues later?
Am I some how missing out on something that I've forgot to think off that should be cause for thought.
0
Comments
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He'll still be a landlord and need annual gas safety certificates etc.
He should still do a tax return, but clearly if there will not be tax to pay.
No - irrelevant for Inheritance Tax.
But of course as he has not used theproperty as his primary residence there will be Capital Gains Tax.
Check insurance cover is valid.0 -
But of course as he has not used theproperty as his primary residence there will be Capital Gains Tax.
Only if the property is sold or gifted.
http://www.hmrc.gov.uk/cgt/property/basics.htm
http://www.hmrc.gov.uk/manuals/pimmanual/pim2220.htm might be worth a look.0
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