please could someone remind me tax

Deals_2

implications when renting out one's own house. thanks in advance.

Pee

There are no Inheritance Tax implications.

For Capital Gains Tax, renting out your house for more than 3 years may mean that you have a Capital gains Tax Liability when you come to sell it / gift it to someone else. Of course, the house has to go up in value for this to be a problem.

For income tax, you are taxed on rent but you can set off certain expenses against it, including part or all of your mortgage payments.

Deals_2

mortgage payment is this for both repayment and interest part or just interest? what expenses can you set off against it . thanks

Pee wrote: »

There are no Inheritance Tax implications.

For Capital Gains Tax, renting out your house for more than 3 years may mean that you have a Capital gains Tax Liability when you come to sell it / gift it to someone else. Of course, the house has to go up in value for this to be a problem.

For income tax, you are taxed on rent but you can set off certain expenses against it, including part or all of your mortgage payments.

fengirl_2

You can offset mortgage interest and any other expenditure relating wholly to the letting. Will be different in each case but may include insurance, repairs, agent's fees, etc