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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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, I am a 65 year old female who is in the process of selling

Resolved Question:

Hi , I am a 65 year old female who is in the process of selling my house . I am intending moving into a rental property and buying a flat for my son with the vast majority of the money £120,000 approx , I will buy the flat in my name and rent it out to my son . My question is this , do I have to charge him rent ? And if so how much ?
Submitted: 2 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

You don't have to charge rent to your son if you so wish.
If you decide to charge him rent then this rental income would be taxable income in your hands and you have to declare it on your tax return.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk and 2 other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 2 years ago.
I thank you for accepting my answer.

Best wishes.

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