Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi.If you let a property at less than the market rate or rent free to a connected person such as your daughter, then your claim for expenses incurred on that property will be restricted to a maximum of the level of the rent your daughter pays. Any excess expenses cannot be offset against other property income or be carried forward to offset against future rental income.Take a look here and here for the rules in some detail.I hope this helps but let me know if you have any further questions.
Thanks for this - would this be counted as a gift to my daughter? If so would she be liable for tax?
What would I have to put on my self assessment form if I don't receive any rent?