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Tax on rental income?

We have just sold our house and are living in rented accommodation (as the place where we live is too expensive to buy). If we now buy a house to let out, to offset some of the high rent we are currently paying, would we be liable for income tax on the rental we receive?

Asked on Dec 2 2010, Renting in Cardiff | Report content

Answers (1)

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  • The net income is taxable and furthermore the capital gain (lets hope it won't be a loss!) will also be taxable.

    Answered on Dec 4 2010, Report content

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