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2/15/2011
Sam, Accountant
Category: UK Tax
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Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
VerifiedHi R Barrett
Thanks for your question
This is not taxable income, as your daughter and family do not constitute lodgers, so you need not declare this income.
Thanks
Sam
Hi R Barrett
Thanks for your response
Yes you would be able to offset costs - which may bring you down to a small net rental income.
Council tax would not be permitted (nor buildings/contents insurance)as this is payable on the property regardless of how many adults live there, but the utilities would be allowable, and this can either be split per sq footage (theirs/total x utilities) or on a room basis - how many rooms they use exclusively/total rooms (excluding bathroom and kitchen) x utilities
The interest on the loan would not be allowable as this pertains to your living arrangements.
The rental income would have to be split 50/50 if this reflects the ownership of the property (on the deeds) sadly it cannot be attributed solely to your wife, unless she is is the sole owner of the home.
Thanks
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 17,158
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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