nominal rent from son: should i declare or not declare this reduced rent?

[Delta]

looking for some advice. I own two apartments, and have always declared the income on both properties. Now my son has moved into one of the apartments and only pays a small amount of rent.
Question is, should i declare or not declare this reduced rent?.
Is there any issue about benefit in kind?
I assume I cannot offset the full expenses against a reduced/sometimes no rent?
The second apartment will continue to be declared

 

[ajapale]

Re: nominal rent from son

may be worth continue to declare- if the income is less than expenses such as mortgage interest the loss can be offset against the other property. at a tax inspection they are entitled to look at private bank stat- want to knew about these lodgements. if proper relationship of lanlord tenant-son should be able to claim tax credit .

This reply from papervalue was made in another (now deleted) thread.

 

[Lollix]

I'd treat this as repayment of some of the money you spent propping him up for the last twenty years, unless he's a lot different from every other young lad in Ireland. It's certainly not income!

 

[agencydude]

Ok
What would happen if the son let out a room in the apartment?
And gave this rental income to the landord?
Would the landlord have to declare this income?
Thanks

 

[steelblue]

Ok
What would happen if the son let out a room in the apartment?
And gave this rental income to the landord?
Would the landlord have to declare this income?
Thanks

i believe you would have to declare this as effectively you are renting the room out as you own the apt.