Renting out PPR

Due to a change in family circumstances, myself and my partner will be moving into my parents home to house sit. however we bought our own home less than a year ago with her as FTB so we paid no stamp duty.

financially its useful for us to move in my parents house as the downturn has hit pay packets hard however i understand that we cant rent out our home until 2 years have elapsed.

Maybe this is the wrong forum but can someone advise of what we can and cant do?

The rent we would get wouldnt cover the mortgage, do we still pay tax on it?

Can we rent out the rooms through the rent a room scheme, without living there?

If you rent out your PPR within two years of purchase, there is a claw-back of stamp-duty.

Once you move out, you no longer qualify for the rent a room scheme as its no longer your PPR (you no longer reside there)

You would need to

• inform your mortgage provider and switch to a buy-to-rent mortgage
• inform your insurer of the change in the status of the property
• register as a landlord with the PRTB and register the tenancy

I think that's all the bad news, but you need tax-advice.