Income from property
Article Abstract:
The UK Inland Revenue treats most income from letting property as investment income, taxes it under schedule A, and allows the offsetting of expenses. Rental income falls into four categories. Standard income from letting a property which the owner does not occupy will almost certainly be treated as investment income under schedule A. Income from a property used for holiday accommodation may be subject to different tax treatment. Income from renting a room in the owner's property may qualify for Rent-a-room tax relief, but income from rooms let for business purposes may be subject to taxation under schedule D.
Publication Name: Which?
Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
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Income from property
Article Abstract:
Letting out property may be a great way of earning some money but there are tax liabilities to be considered. Income from land or property is classified as investment income but is taxed as business income and tax rates may vary depending on the tax band the income falls under but special rates of taxes applicable to investment income do not apply.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 2004
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Income from property
Article Abstract:
A guide to the taxation of income received from rents in the UK is presented, with focus on the classification of rental income and the expenses that can be set against it.
Publication Name: Which?
Subject: Consumer news and advice
ISSN: 0043-4841
Year: 2000
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Comment about this article or add new information about this topic: