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Where Taxpayers and Advisers Meet

Buy to let property

medic
Posts: 7
Joined: Wed Aug 06, 2008 3:05 pm

Postby medic » Thu Mar 18, 2004 4:04 pm

If I took a buy to let mortgage and then decided not to let it out but let my child live in it rent free would this be legal?

Would I be liable for any tax payment to the inland revenue ont he projected tax I might have forecast? We have a mortgage on our principle family home.

Ian McTernan CTA
Posts: 1232
Joined: Wed Aug 06, 2008 3:02 pm
Location: Bedford
Contact:

Postby Ian McTernan CTA » Sun Mar 21, 2004 10:11 am

You would need to inform the mortgage company of the change of use and do this as soon as it came apparent that this was going to happen. if you obtain the mortgage under false pretences then obviously this is illegal and you can be prosecuted for mortgage fraud.

No tax payment due to the revenue as no income received.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com

scatty
Posts: 1
Joined: Wed Aug 06, 2008 3:12 pm

Postby scatty » Mon Aug 23, 2004 2:29 am

ok what if I purchased a flat on buy to let and let our son rent it out then later would it be possible to transfer it to him?


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