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JOHN NEWTH explains how homeowners can use their property to produce income
KEY POINTS
- In difficult economic times generating income from the main residence may help.
- Summary of the rent-a-room relief conditions.
- Furnished and unfurnished lettings and allowable deductions.
- Capital gains tax and the lettings relief.
- Will inheritance tax business property relief apply?
The consequences of the recent recession and job losses mean that many families have a reduced income. However they own their own home albeit with perhaps a substantial mortgage. They therefore have a problem.
Should they downsize (in a falling property market) sell and/or rent another property or should they consider using their current property to produce income? This final scenario has been commented on recently in the national press.
In my article A room in hand which looked at rent-a-room relief I highlighted...
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