PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

Advice please

Button83
Button83 Forumite Posts: 39
Second Anniversary 10 Posts Name Dropper
Forumite
in House buying, renting & selling
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?

Comments

  • Redwino222
    Redwino222 Forumite Posts: 490
    100 Posts Second Anniversary Name Dropper
    Forumite
    In what sense?  Will you get a share of the proceeds?  
  • Button83
    Button83 Forumite Posts: 39
    Second Anniversary 10 Posts Name Dropper
    Forumite
    No I meant for them. As I'm living there for free. When they sell will it cause any issues
  • user1977
    user1977 Forumite Posts: 11,719
    10,000 Posts Fifth Anniversary Name Dropper Combo Breaker
    Forumite
    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.
  • Button83
    Button83 Forumite Posts: 39
    Second Anniversary 10 Posts Name Dropper
    Forumite
    It's their 2nd home. They live in another property
  • AnotherJoe
    AnotherJoe Forumite Posts: 19,622
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Forumite
    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.
  • GDB2222
    GDB2222 Forumite Posts: 23,850
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    Council Tax might be lowered!
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Button83
    Button83 Forumite Posts: 39
    Second Anniversary 10 Posts Name Dropper
    Forumite
    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! 
  • GDB2222
    GDB2222 Forumite Posts: 23,850
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    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?
  • Button83
    Button83 Forumite Posts: 39
    Second Anniversary 10 Posts Name Dropper
    Forumite
    Yes I already claim that at the property that I'm currently in!

    So saving for them!  :smile:
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.8K Mortgages, Homes & Bills
  • 171K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards