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Where Taxpayers and Advisers Meet

Tax Query

CamFox
Posts: 1
Joined: Thu Nov 07, 2019 3:05 pm

Tax Query

Postby CamFox » Thu Nov 07, 2019 3:11 pm

Hi,

Just wanted to check if my wife and I decided to live in my parents 2nd property (not main residence) rent free would this have any tax implications on them or ourselves? They are retired.

Many thanks

pawncob
Posts: 4386
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Tax Query

Postby pawncob » Thu Nov 07, 2019 4:45 pm

None at all.
With a pinch of salt take what I say, but don't exceed your RDA

AnthonyR
Posts: 302
Joined: Wed Feb 08, 2017 2:33 pm

Re: Tax Query

Postby AnthonyR » Fri Nov 08, 2019 10:28 am

The only thing that might change is if you own your current home. Usually your main residence is exempt from capital gains tax. If you then moved out and stayed in your parents property for more than 18 months (9 months from April next year) then capital gains will start to accrue on your current main residence. If you don't currently own your home then there's no impact.
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk


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