Have Tax Questions? Ask a Tax Expert for Answers ASAP
If you've let out all or part of your home you may not get full Private Residence Relief when you sell or dispose of it. But you may get another relief known as 'Letting Relief'.
The maximum amount of Letting Relief due is the lower of:
Thank you for posting your very interesting question.
Thank you for your response. Could I just check I understand please?
My boyfriend is not a family member. However, if he does not sign a tenant contract, would that mean that I don't need to pay tax on the money he contributes? He is not written into my mortgage, I own the flat alone.
Secondly - so would I need to pay CGT on the rental income thusfar (i.e. what my tenant has paid for the past 1.5 years) again, although I've already paid 40% tax on it?
Thank you so much. Last clarification - so when I submit next year's taxes, do I just exclude the money I receive from boyfriend from it?
Thank you for your help, much appreciated.