Tax implications of consent to let

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    Tax implications of consent to let

    My property has been empty since April whilst it's been on the market for sale. However it's had little interest and the latest offer fell through. I'm now considering renting it out but trying to weigh up the benefits/ disadvantages. I don't really understand the new tax changes and how they'd impact me. The main thing I know is that I'd be liable for capital gains tax but who could I speak to about the monthly implications and what expenses can be offset?

    #2
    Tax is payable on all income. That is the least of your worries I would say in renting out a property that is for sale.
    Go ask an accountant on the fine detail.

    This question should be in the 'Finance Questions'



    Freedom at the point of zero............

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      #3
      Normally you should pick an estate agent with multiple branch shops so their advertising is to a wider market . You can appoint on sole agency or multiple agency basis (lower or higher commission) for 2-3 months.

      Don't rely on an estate agent located on a secondary road with few people passing by the shop window.

      You should change to another estate agent with a shop near to the bus or train station.

      If the location is bad (e.g next to firestation or roundabout or refuse collection centre or cemetry ) then you have to check your asking price .

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        #4
        If you rent out your property, the rental profit has to be reported and added to your job income, and the annual income is taxed at 20% or 40% or 45% rate.

        But once you rent out your property, selling is more difficult because potential buyers may not be given access to inspect by the rental tenant.

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