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Income tax is payable on the net income from property letting irrespective of where you live. It is your responsibility to inform the Inland Revenue of your letting income whether you are a U.K. resident or a non U.K. resident landlord. It is important to note that the Inland Revenue do request every Letting Agency to provide them with names and addresses of all Landlords they act for each financial year.
Even if you are a non-resident living outside the U.K. in excess of 6 months, then, like a UK resident, the excess of income over allowable expenses is subject to UK income tax. However, there are specific procedures for collecting income tax from non-resident landlords. The following general points may be of interest:
As a Landlord, you should be aware that there is a possibility that you might incur Capital Gains Tax. Always take professional advice.
Bay Estate Agents will be happy to recommend a professional accountant to help answer any specific tax queries you may have.
My wife and I have been clients of Bay for the last eight years. During this time we have been delighted with the glorious apartments with their superb Marina locations, comfort and cleanliness...
There's a better way to sell or let your home. At Bay, we really know the property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So whether you're buying, selling or letting, get in touch. We're here to help.