P
paw1966
Guest
Hello, I am considering buying a house for my parents who cannot get a mortgage themselves. It will be a repayment mortgage for a dependant over a 25 year period. They will take out a decreasing term life insurance on the property over 25 years, payable on the first death. They will also pay the exact mortgage each month. Based on this, would there be any tax implications to myself ?
I also have a second question. I moved out of my home 2 years ago and bought another house. I am now renting my first house (on a buy to let mortgage), but make no money from it (break even/slight loss). I have never informed HMRC about this because I dont make a penny from it, but soon the existing mortgage interest rate will drop to the base rate (from my fixed rate) and I will start to make a profit. If I confess now to HMRC, would I be fined for not declaring it earlier ? Thanks
I also have a second question. I moved out of my home 2 years ago and bought another house. I am now renting my first house (on a buy to let mortgage), but make no money from it (break even/slight loss). I have never informed HMRC about this because I dont make a penny from it, but soon the existing mortgage interest rate will drop to the base rate (from my fixed rate) and I will start to make a profit. If I confess now to HMRC, would I be fined for not declaring it earlier ? Thanks