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Tax implications of letting out house

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  • 30-10-2013 8:05pm
    #1
    irishguy
    Registered Users Posts: 3,299 ✭✭✭


    Can anyone tell me the tax implications of letting out a house in Ireland and working abroad. Do you still get your Irish tax credits or do you just pay uk tax?


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    #2
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    irishguy wrote: »
    Can anyone tell me the tax implications of letting out a house in Ireland and working abroad. Do you still get your Irish tax credits or do you just pay uk tax?

    Yes, an accountant :)

    As a non-resident landlord you do not, I believe, get tax credits. It is therefore imperative that your taxable income in Ireland from the rental of property is as low as possible.

    As a NR landlord you will need to appoint a collection agent to collect the rents otherwise tenants are obliged to deduct 20% and forward to Revenue. Unless the tax is being collected via an adjustment to the tenant's tax codes then this is not a good idea.

    In terms of the UK there are double taxation agreements which mean that, in effect, you are credited with the IE tax paid when filling out your UK tax return.

    There may be other options regarding tax residency etc. which are far too complicated for a mere mortal like me to understand. That is why I have an accountant :)


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