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Rate of Tax on rent received from overseas property

  • 31-08-2012 8:31pm
    #1
    GeorgeOrwell
    Registered Users, Registered Users 2 Posts: 124 ✭✭


    My family own a small house in the UK from which I will begin to receive an annual rent soon. This rent will be transferred annually into my Irish bank account.

    What rate of tax is liable on this income? The Revenue site is baffling me.


Comments

  • #2
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,629 ✭✭✭✭Marcusm


    You will have UK and irish income tax considerations. The income will (effectively) be taxed at your highest Irsh tax rate (and coud push you into a higher rate if you're not already there) although this will be offset by any UK tax due. The tenant will have to deduct basic rate UK income tax (currently 20%) from the gross rents unless you appoint a UK agent who will then need to do it. If you have interest costs or relevant prior year losses in the UK (unlikely I guess) you might benefit by applying the non residents landlords scheme in the UK. If the rents are small, you'll likely have a fair bit of hassle.


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