Renting property to children

If property is rented to children does it have to be rented at market value?

Hi Gary,
There are no rules with regards to renting property to your children or close family members or as to how little you can charge, but as this may affect your insurance and mortgage providers.
You may need to seek further advice from them.
It is always important to document everything to show your expenses.
Thank you. 

Thank you for the reply. If rent is charged below market value would the difference between the 2 values, be considered a gift for Inheritance Tax purposes under the 7 year gift rule?

Hi Gary

This is a matter for Inheritance Tax and you would need to call 0300 123 1072.

Thank you