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So if were to rent to our son and appoint him on-site manager can we legally charge him less rent? Will he then need to claim this reduced rent as a form of income when he does his tax return? I just want to make sure we do everything by the book

Thanks for that. So basically we pay ourslves rent and claim it as income for tax purposes. How do we find out/work out what the market rate would be to charge? Is there a set minimum or maximum? He has an offer of a rent in a friends appartment (his parents are doing the same thing I think)...

Hi, this is my first post, so please forgive me if I've posted in the wrong place! OH and I are considering trying to purchase our first IP and are finding it quite scary!! We have two sons at uni paying rent and will have a third joining them shortly (not all in the same city's so they can't...