The Complete Guide to Tax Implications of Rent-Free Living for Family Members
Allowing family members to live in a property rent-free is a common arrangement in the UK, but it raises important questions about tax implications. In this comprehensive guide, we’ll cover inheritance tax, Gifts with Reservation of Benefit (GROB), Capital Gains Tax (CGT), and a checklist to help families in South West London and Putney manage […]
Private Residence Relief and Its Role in Minimizing Capital Gains Tax for Family-Owned Properties
For UK property owners selling a home, Private Residence Relief (PRR) is one of the most valuable reliefs available to reduce Capital Gains Tax (CGT). However, PRR can become complex, particularly when family members have lived rent-free in the property. As a Putney-based tax advisor, I often assist clients in South West London in understanding […]
Capital Gains Tax When Selling a Family Property: Rent-Free Living Considerations
If you’re considering selling a family property where a family member has lived rent-free, understanding Capital Gains Tax (CGT) is essential. CGT on property sales in the UK can significantly impact the net proceeds from the sale, and the tax implications become more complex when family occupancy is involved. As a Putney-based tax advisor with […]
Understanding Gifts with Reservation of Benefit (GROB) and How It Affects Inheritance Tax
In the realm of inheritance tax planning in the UK, understanding “Gifts with Reservation of Benefit” (GROB) is essential, particularly for families in South West London or Putney. This rule can often be misunderstood, especially when property owners wish to gift property while retaining personal use. As a Putney inheritance tax consultant with expertise in […]
Do You Need to Charge Rent to Family to Avoid Inheritance Tax?
Allowing family members to live in a property rent-free is a common arrangement for many families in the UK, particularly in areas like South West London and Putney. However, this setup often raises questions about inheritance tax (IHT) and other tax implications. As a Putney-based inheritance tax consultant and South West London tax advisor, I […]