Renting Out Parents House - CGT & IHT
Posted: April 29th, 2022, 2:30 pm
My elderly Mother has recently gone into a care home and wants me investigate renting out her house. I am aware that any rental income will be subject to income tax at her marginal rate, but I am not so sure regarding the CGT & IHT implications. The following linked document seems to suggest that she could rent the house out for 3yrs without incurring any CGT liability if I am understanding it correctly? https://www.gov.uk/tax-sell-home/let-out-part-of-home
My other concern is whether renting out the property for a period would result in any loss of her Residential Nil Rate Band for IHT?
My other concern is whether renting out the property for a period would result in any loss of her Residential Nil Rate Band for IHT?