Hi! I'm hoping someone can give me a bit of advice.
I currently own my own 1 bed flat (no mortgage) and am due £100,000 inheritance from my late father within the next few months.
I intend to buy a small flat (no mortgage) as an investment and let my daughter (age 30, no partner, no children) live there in the meantime while she is saving up for a deposit on a house, with the intention that she would just pay me a small sum every month to just cover the cost of the service charge/ground rent on the new flat.
She won't have a tenancy agreement (not needed as I won't have a mortgage).
Are there any tax implications or illegality receiving a small cash monthly sum from her? I can't seem to find anything on the internet about this.
Any advice greatly received!