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Letting Car Park Space

  • 09-05-2008 11:13am
    #1
    gloriahoneybird
    Closed Accounts Posts: 15 ✭


    Hi,
    I currently rent a room to a tenant.
    I'm planning to also let my car park space.
    Does anyone know if the income from the car park space is liable for tax?
    Can it be handled separately to the rent a room scheme?

    Thanks.


Comments

  • #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    In most cases the car parking spaces are actually the possession of the Management Company and while assigned to you, may not be sublet without prior approval. Check your lease for further information.

    If you are renting it, you either include it for the person renting the room, or else, as it is not your PPR, it will be liable to tax at whatever the highest rate of tax you pay is.

    Simplest thing to do is to try to persuade the person renting the room to take it too.....?


  • #3
    gloriahoneybird
    Closed Accounts Posts: 15 ✭gloriahoneybird


    Thanks for that info.

    The car park space was purchased at an additional cost to the property accomodation as it the case now with most city centre developments.

    Do you need to include the income from a car park space in the annual tax return form?


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Definitely- its rental income after all.
    You have to do an annual tax return anyhow, because of the rent-a-room scheme, but that income will not attract a liability, providing it remains under the threshold (currently 10k). The income from letting the car park space on the other hand will attract a tax liability unfortunately......


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