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FiT taxability question.
ChumpusRex
Posts: 352 Forumite
If I give my mother some solar panels as a Christmas present, can I claim the tax free FiT?
Or does the tax break only apply if you live at the installation address.?
Or does the tax break only apply if you live at the installation address.?
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Comments
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I am pretty sure they can only be claimed by the person who owns the panels. As such I think you would need to create a rent-a-roof arrangement with your mum. Not sure what legal aspects would need to be considered or the costs...0
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IIRC the FIT is tax-free only if the panels are on your own main resiodence.We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0 -
thenudeone wrote: »IIRC the FIT is tax-free only if the panels are on your own main resiodence.
Correct.
FITs are taxable unless you qualify for exemption under s782a of the Income Tax (Trading and Other Income) Act 2005. Specifically, the panels are "installed at or near domestic premises occupied by the individual".0 -
What's wrong with letting her claim the FIT payments in her own right . The panels are after all described as her Xmas present ! But, if she wants to do it, there's no legal bar to her gifting you an equivalent sum every three months. And if of course you should inherit the house within the next 20 years you'll probably also be able to live there and claim the payments for yourself or sell the house on and hope that the buyer recognise the value of the income stream.NE Derbyshire.4kWp S Facing 17.5deg slope (dormer roof).24kWh of Pylontech batteries with Lux controller BEV : Hyundai Ioniq50
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