Let out our Principal Private Residence and rent elsewhere ourselves, implications?

C

Confused Man

Guest
First time poster - couldn't find an answer to this question. We own a property. If we rent this property out and rent another property ourselves, do we have to pay tax on our rental income.

Is there any relief available when you rent a house to live in.

Thanks in advance.
 
Yes you do. If you are still getting mortgage interest relief you will lose this for renting our your own property. You would still be liable for tax on the income on the 2nd property.
 
You will get standard rent relief on the property you rent to live in but that is being phased out so it's a short term (and decreasing) relief
 
There may also be issues arising in relation to Captial Gains Tax, insurance and the rate of the interest that the lending institution might apply if they become aware that the property is now let. Get some advice based on your particular circumstances and avoid the surprises.
 
shesells said:
You will get standard rent relief on the property you rent to live in but that is being phased out so it's a short term (and decreasing) relief
Click to expand...

If you weren't eligible for Rent relief on budget day last year then you will not be able to claim it.
 
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