2 Houses - Tax Implication

newbienewbison

Hey,

Quick questions:

If you have two properties (one worth 170k one worth 80k)
What are the tax implication of owning two residential properties if neither are let?

Also what are the implications if one is let?

Any help would be great

Thanks

sonastin

If one it let, you have to pay income tax on the rental income. You can offset allowable expenses (e.g. mortgage interest) against this income.

Regardless of whether one is let, there is a capital gains tax implication when you come to sell the property which is not your main residence.

G_M

Nothing to add to Sonastin above except the link.

silvercar

If neither is let you can flip which one counts as your main residence to reduce the CGT liability.