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Advice please
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Button83
Posts: 39 Forumite
I'm wanting to save up for my deposit. My parents are currently doing up their old house to sell in a year or so time and have suggested I move in and help them renovate while living there rent free so that I can save for a deposit
I just wanted to check if there would be any tax implications?
I just wanted to check if there would be any tax implications?
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Comments
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In what sense? Will you get a share of the proceeds?0
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No I meant for them. As I'm living there for free. When they sell will it cause any issues0
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Why would it cause them any more tax problems then it did when you (presumably) used to live with them? I'm not sure what the concern is.0
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It's their 2nd home. They live in another property0
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There are no issues or implications for anyone here due to you living in the house.
Your parents may have to pay CGT but that's irrespective of whether you live in the house or not.
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Council Tax might be lowered!No reliance should be placed on the above! Absolutely none, do you hear?0
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Well yes it will as I will be paying it. Although it's about £40 more a month than what I currently pay!
I just didn't want to put them in a worse position!0 -
Won't parents be registered for council tax at their main home, so you'll be sole normal occupant and can claim the 25% rebate?
Otherwise, your parents will be paying 100% on both places?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Yes I already claim that at the property that I'm currently in!
So saving for them!
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