moving home and renting own place - complex

Hi,

My wife and I have the opportunity of moving into and renovating a house belonging to my Dad which he rents out. We would in effect be his tenants.
I own my own home for over 5 years and would be renting it out. My dad is declaring the rental income of the house we would be moving to. I would be due to inherit this house in the future. I would then be renting out my own home. Would we both have to be declaring the rental income or is there a way of arranging it so it's just my Dad? Alternatively, would we have to arrange to swap ownership?

thanks

mods, if this is in the wrong section please move. No answers yet anyhow!

BarryY said:

Would we both have to be declaring the rental income or is there a way of arranging it so it's just my Dad?

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I don't understand this question - you'll be renting your existing property out, so would be expected to declare the rental income (and register with PRTB etc etc) - I don't see that the scenario outlined above has no impact on that. Why do you think it would?

I understand that I would have to declare my rental income but would my father also have to do as he would have family staying in the house.

BarryY said:

I understand that I would have to declare my rental income but would my father also have to do as he would have family staying in the house.

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There is no kind of offset of any sort if that's what you are asking.

If you rent out your house you have to declare it - making returns and paying tax if due.

The same would apply to your father regardless of who it is rented to.

Ham Slicer said:

There is no kind of offset of any sort if that's what you are asking.

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Would it make the OP exempt from Gift/CAT/Inheritance tax, if their father left it to them and it was their PPR for 3 years before hand, and they kept it for 6 years afterwards?