Second property

Dachshund23

Can anyone advise what are the rules if a second product is let rent free tax credits 

Alice_Holt

https://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/property-income/


The replies to a previous post of the OP's on this topic (but with more info from the OP) can be found here:
https://forums.moneysavingexpert.com/discussion/6437709/tax-credits-and-second-property/p1

Alice_Holt

https://www.litrg.org.uk/tax-guides/tax-credits-and-benefits/tax-credits/how-do-i-calculate-tax-credits

Alice_Holt

"Can anyone advise what are the rules if a second product is let rent free tax credits"
 
https://www.gov.uk/hmrc-internal-manuals/tax-credits-technical-manual/tctm04006

And:
https://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/notional-income/

poppy12345

I don't understand why some people start another thread with exactly the same question as a previous thread just weeks before. I'm just curious what the OP is hoping to achieve by doing this?

Members spend a lot of their time freely here trying to help others and it's frustrating when multiple threads are started on the same subject.

Newcad

People do forget that they've already asked once, particularly if a MH issue may be in play.

Others simply just can't (dont know how to) find their previous question when they come back again to see if there were any answers.

sheramber

The OP replied to previous thread where he got several answers.

But they  seemingly aren't answers the OP wants.

Maybe he is not asking the right question for the answers he is seeking.





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Alice_Holt

      Whether the income lost by not charging a commercial rent on their second property is deemed notional income by Tax Credits (which I think is the OP's question) will entirely depend on the judgement of a HMRC Decision Maker.
 
  They could contact Tax Credits, fully disclose their circumstances, and ask for a determination, or just ignore it and hope it doesn't negatively impact them in the future. 

  As an aside it will be also interesting to see if the managed migration to UC (in particular the required declarations of capital), gives rise to TC investigations and consequent overpayment demands re historic TC claims.

Dachshund23

So sorry if i have upset anyone I’m just still not sure as different people seem to have a different answer to my question so I was just more of other peoples understanding and I can’t find my original post to look at 🙈

Grumpelstiltskin

To find your previous threads click on your user name then click on Discussions and scroll down.

This is your original thread.
Tax credits and second property — MoneySavingExpert Forum

peteuk

Owning a second home and tax credits is not the question you should be asking, as your tax credit will soon stop and you’ll be on UC.  Only you wont because you have a second property,