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Tax on Rent income
united4ever
Posts: 530 Forumite
if I own a house and am paying a mortage of say £800 per month. Then go to live outside the EU and rent out my house for say £800 per month. What tax do I pay on that £800 per month? Anyone know? Thanks
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Comments
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all mortgage interest, provided the loan was taken for the purpose of buying the property, upto the value of the property when you started letting it, is allowable against rental income.
So the short answer is no tax (whether your in the EU or out of it).I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
That's good to know, cheers0
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Assuming that £800 mortgage payment is interest! If it's capital repayment and interest, you may have some taxable income. This might not exceed your personal allowance, but if you have other income arising in the UK, you may have some tax liability. If you don't apply to the Revenue for approval to have your rental income paid gross (form NRL1), your agent or tenant is obliged to deduct tax at 22% and pay this to the revenue, you can claim this back if you have no liability to tax but not till after the end of the tax year.0
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