Tax & Buy-to-Let.
Unlike your residential property, investment properties may be liable for Capital Gains Tax (CGT) on any disposal of the property, in addition, tax will be charged on any income that is received from your rental properties.
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You are, however, eligible to relief on;
- The Interest on the Mortgage
- Rental Insurance
- Any maintenance of the property
- Letting agency fees
- 10 percent of the rental income each year to cover depreciation in the value of furnishings, including sofas and carpets (this does not include fittings such as kitchen units and bathroom suites)
- Professional advisory costs incurred after the purchase of the property.
For more information on tax implications of renting property, you can contact your local tax office for a copy of the Inland Revenue Property Income Manual (PIM), or use the link below for a direct link.
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This page is for information only and does not necessarily cover all tax charges or reliefs. We recommend that you consult an accountant to discuss your individual situation.
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