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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If I let my niece occupy a flat I own rent free will I be taxed

Resolved Question:

If I let my niece occupy a flat I own rent free will I be taxed on the notional income foregone? NB my marginal income tax rate is 40%.
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

If you let the flat rent free you to your niece, you will not have to pay tax on the income you will have foregone. However, you won't be able to claim expenses incurred on that property against rental income from other properties should you own other rental property. Take a look here for confirmation.

I hope this helps but let me know if you have any further questions.
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