Property taxation service for UK residents and non-residents
Property Taxation
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Tax on Owning and letting property in the UK and overseas
Income from the letting out of property in the UK and abroad is normally taxable in the UK as are profits on the sale of such properties.
Let properties may be:-
- Unfurnished lettings;
- Furnished lettings;
- Furnished holiday lettings.
Different property tax rules apply to each. If taxpayers are not familiar with the property tax rules they should take advice otherwise there is a risk of paying either too much tax, or too little. Paying too little could result in penalties being incurred.
The rules themselves often give rise to uncertainty and complications are common.
- Where properties are jointly owned there are differing rules for husbands and wives than for unmarried couples.
- It is often not understood by UK taxpayers that most are liable to tax on all their income and gains, wherever arising, including from holiday properties owned and let abroad. And that they remain liable whether that income is brought back to the UK or is simply maintained in overseas bank accounts; as is the interest received on such bank accounts.
For further information about Property Tax matters visit our our Property Tax Services web site property-payecheck.co.uk.
