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. 

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 basic 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.