News1 min ago
Room Rent(CGT)
Hello All
I currently have a mortgage on my house, however I also have another house which has been paid up. My brother has decided that he wants to move out and a decison has been reached to gift over the other house in his name. He has mentioned that his friends will be joing him in this house (students) who will pay him rent, my questions are:
* Due to room rent, is he eligible to do this as he has just moved in to the property? He wil be getting approx 350 w week so its just under the CGT cut off
*Does he have to reside at that house for a certain period of time before he can go ahead with the Room rent?
*-SInce they are migrant students they dont pay council tax (so i've been told), who would then pay this?
*Lastly - we will be switching the title deeds into his name, will there be any complications if we do this for all the above factors? Or is it best for me to leave this?
Thanks
A
I currently have a mortgage on my house, however I also have another house which has been paid up. My brother has decided that he wants to move out and a decison has been reached to gift over the other house in his name. He has mentioned that his friends will be joing him in this house (students) who will pay him rent, my questions are:
* Due to room rent, is he eligible to do this as he has just moved in to the property? He wil be getting approx 350 w week so its just under the CGT cut off
*Does he have to reside at that house for a certain period of time before he can go ahead with the Room rent?
*-SInce they are migrant students they dont pay council tax (so i've been told), who would then pay this?
*Lastly - we will be switching the title deeds into his name, will there be any complications if we do this for all the above factors? Or is it best for me to leave this?
Thanks
A
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