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Rent a room scheme: Joint Ownership
Jasmine0792
Posts: 1 Newbie
Hello!
I jointly own a property 50:50 with a friend and have questions about how this my impact the use of the rent a room allowance.
I would like to move out into rental accommodation and rent my existing room to a ‘lodger’.
1. Can I still benefit from the rent a room scheme if my co-owner lives there but I do not?
2. Does that situation have any impact on how the rental income will need to be apportioned between me and my co owner? For example, can I receive the full rental income for that room on my co-owners agreement or will it have to be split?
3. If I can receive the full rental income, then can I also take advantage of the full £7,500 allowance?
Thanks in advance for your help on this!
I jointly own a property 50:50 with a friend and have questions about how this my impact the use of the rent a room allowance.
I would like to move out into rental accommodation and rent my existing room to a ‘lodger’.
1. Can I still benefit from the rent a room scheme if my co-owner lives there but I do not?
2. Does that situation have any impact on how the rental income will need to be apportioned between me and my co owner? For example, can I receive the full rental income for that room on my co-owners agreement or will it have to be split?
3. If I can receive the full rental income, then can I also take advantage of the full £7,500 allowance?
Thanks in advance for your help on this!
0
Comments
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[QUOTE=Jasmine0792;75850456
I jointly own a property 50:50 with a friend and have questions about how this my impact the use of the rent a room allowance.
I would like to move out into rental accommodation and rent my existing room to a ‘lodger’.[/QUOTE]
If you move out, you won't be a 'resident landlord' and so can't use the RAR scheme.0
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