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How much income tax do I pay on my rental property?

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  • How much income tax do I pay on my rental property?


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Answer #1 | 16/12 2013 13:55
You do not pay tax on the rental income. You pay tax on any profit you make. You may deduct expenses from the rent received. HMRC and an accountant can advice fully.
Positive: 24 %
Answer #2 | 16/12 2013 17:44
"You do not pay tax on rental income".......??? You WILL certainly pay tax on the rental income. If I am not mistaken, your rental income (less legitimate expenses) will be declared and added to your salary from your 'day job' and taxed accordingly. Any income above the high rate threshold (around £42k,I think) will be taxed at 40%. You may also be liable for 'capital gains tax' if the property gains in value whilst you have it let.
Positive: 18 %

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