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Posted Sat, 29 Jun 2024 09:52:42 GMT by S W
I recently posted on this forum regarding giving my home which I own outright to my two adult children, who have lived all their lives in this home and still do so. Having briefly read the Inheritance Tax rules, I would now like to find out if, as we all intend carrying on living in the property together, would I then have to pay my rent to my sons? And would it make a difference if I just carried on paying the bills, as I do now? I have already left the property to them in a Trust Will, so I assume an alteration to that would be needed, but I want to pass it to them without burdening them. This has always been our family home and we have always lived together here. Thank you for any help, advice or insight you can give me.
Posted Wed, 03 Jul 2024 14:41:26 GMT by HMRC Admin 5 Response
Hi

The paying of rent is a matter between you and your children. If paid, they will need to declare this as rental income -  Work out your rental income when you let property

Thank you

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