{"id":832,"date":"2025-07-28T14:59:25","date_gmt":"2025-07-28T13:59:25","guid":{"rendered":"http:\/\/advice-dev.rm.posiweb.net\/?p=832"},"modified":"2025-08-01T22:46:26","modified_gmt":"2025-08-01T21:46:26","slug":"tax-considerations","status":"publish","type":"page","link":"https:\/\/www.rightmove.co.uk\/guides\/landlord\/managing-your-property\/tax-considerations\/","title":{"rendered":"Tax considerations"},"content":{"rendered":"\n

As a landlord, you\u2019ll have to declare your income and costs \u2013 whether you make a profit or not \u2013 and keep all records, invoices, receipts and statements for up to six years.<\/p>\n\n\n\n

HMRC<\/a> has different requirements, depending on which rental income bracket you fall into, so be sure to familiarise yourself with the difference between each bracket.<\/p>\n\n\n\n

If you aren\u2019t a resident in the UK and use a letting agent for management you can get an exemption from HMRC so that the rent can be paid over to you gross.<\/p>\n\n\n\n

When you come to sell, there are several reliefs that are available that reduce the amount of tax you may have to pay on any capital gain you\u2019ve made on the property, including Letting Relief and your Capital Gains Tax Allowance.<\/p>\n\n\n\n

This can be a bit more complex so if you need to know more, you are advised to contact the Inland Revenue.<\/p>\n\n\n\n

Stamp Duty Land Tax (SDLT)<\/h2>\n\n\n\n

You may also have to pay\u00a0Stamp Duty Land Tax<\/a>. This government tax is payable on property or land above a certain price threshold in England or Northern Ireland. Use our\u00a0stamp duty calculator<\/a>\u00a0to work out how much your stamp duty will be. You\u2019ll usually have to pay 5% on top of\u00a0Stamp Duty\u00a0Land Tax residential rates if buying a new residential property means you\u2019ll own more than one.<\/p>\n\n\n\n

Similarly, if you\u2019re buying a property or land in Scotland or Wales, there are equivalents of this tax<\/a> that you might have to pay. Different rates apply for different property prices, so it\u2019s worth looking into it well in advance.<\/p>\n\n\n\n

For full information on stamp duty, including what it is, how much it costs and to use our stamp duty calculator, take a look here<\/a>.<\/p>\n\n\n\n

Restriction of allowable costs<\/h2>\n\n\n\n

All landlords with residential property inside or outside the UK can claim relief for finance costs such as mortgage interest incurred on the property they let. Tax relief is restricted to 20% of mortgage interest payments.<\/p>\n\n\n\n

Changes to Wear and Tear Allowance<\/h2>\n\n\n\n

In April 2016, the Wear and Tear Allowance for fully furnished properties was replaced with a relief that enables all landlords of residential houses to deduct the costs they incur on replacing furnishings, appliances and kitchenware in the property. The relief given will be for the cost of a like-for-like, or nearest modern equivalent, plus any costs incurred in disposing of the old item, or less any proceeds received for, the asset being replaced.<\/p>\n\n\n\n

Capital Gains Tax<\/h2>\n\n\n\n

Landlords are likely to have to pay Capital Gains Tax if they make a profit when they sell a property that\u2019s not their home such as a buy-to-let investment.<\/p>\n\n\n\n

There have been many changes to how Capital Gains Tax is charged. Currently, the rate applicable to gains made on the sale of a property is 24% and this amount is payable irrespective of whether a landlord intends to reinvest these gains.<\/p>\n\n\n\n

The current tax-free allowance in 2024 (called the Annual Exempt Amount for Capital Gains Tax is \u00a33,000.<\/p>\n\n\n\n

To understand these issues further get in touch with your accountant or an independent tax advisor.<\/p>\n\n\n\n

For more information on landlord tax considerations and information, visit ARLA PropertyMark<\/a>.
<\/p>\n","protected":false},"excerpt":{"rendered":"

As a landlord, you\u2019ll have to declare your income and costs \u2013 whether you make a profit or not \u2013 and keep all records, invoices, receipts and statements for up to six years. HMRC has different requirements, depending on which rental income bracket you fall into, so be sure to familiarise yourself with the difference between […]<\/p>\n","protected":false},"author":13,"featured_media":0,"parent":1268,"menu_order":96,"comment_status":"open","ping_status":"open","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-832","page","type-page","status-publish","hentry"],"acf":{"author_profile":[]},"yoast_head":"\nTax considerations | Rightmove Guides<\/title>\n<meta name=\"description\" content=\"A guide to declaring your income and costs if you're renting out a property, as well as any tax considerations you'll need to account for.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rightmove.co.uk\/guides\/landlord\/managing-your-property\/tax-considerations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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