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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
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

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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%.

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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