Although you will pay tax on the rental income, this is only charged after allowable expenses. Things that qualify are;
- The interest costs on mortgage payments
- Letting agent fees
- Professional advisory costs incurred after you have bought a property
- Rental Insurance
- Maintenance costs
- 10% of rental income to cover depreciation of furnishings
For more information on the tax implications, contact your local tax office. They will let you have a copy of booklet IR 150, “Taxation of Rents: A guide to Property Income.”
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