|
Income from property is treated as unearned income and is
therefore subject to income tax. If you have a loan secured
against the property you should be able to offset the
interest against your tax liability, along with our fees,
maintenance and insurance etc. We strongly advise that you
discuss your tax position with an accountant before letting
your property. All agents have to provide basic figures to
the inland revenue when requested on an annual basis.
Non Resident Landlords.
Tattersalls are held legally responsible for the payment of
any tax liability that arises out of rents collected if the
Landlord resides abroad. In these instances it is necessary
to deduct income tax at the current rate from the Landlords
account. Immediately the assessment has been made all monies
will be refunded.
However if you are resident
abroad you can apply to the Inland Revenue Financial
Intermediaries and Claims Office (FICO) to have all income
paid directly to you, without Tattersalls making deductions
on your behalf. Tattersalls are registered with the FICO and
on request will supply you with the necessary forms. |
