USC rates on rental income

D

Daddy Ireland

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Is USC rate on net rental income (after allowable deductions) calculated on a stand alone basis ?

Or, is it based on one's total PAYE income and net taxable rental income.

Joint assessed 20% taxpayers on PAYE and net rental income.

What is USC rate based on net rental income of 6k.

Thanks for any help.
 
Thanks. So income tax on rental income is chargedcafter allowable exps but USC is charged on gross rental.
 
If you have registered for ROS and fill in the Form 11 there it will work out the USC due for you but my understanding is that it is based on total PAYE and rental income profit as mentioned above.
 
You pay USC on the net rental income after deducting expenses but before deducting wear and tear.
 
Sconeandjam said:
USC based on total rental income and paye income.
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Is there any lobbying the government to change this, to my mind totally unfair tax, in particular in light of shortage of rented accommodation?

Also is there a general phasing out of USC?

I just want to clarify, for myself and others, the USC is only payable on net rental income. Not gross!
 
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The USC was, and still is to a degree, a good income tax, as the base was wide and the rates are low.

Better taxes have broader bases with fewer exemptions / reliefs / etc.

The USC wide base has been reduced over the years.

Given that our public deficit will be huge this year, I don't think now is the time to cut USC rates.
 
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