Capital Gains Tax on Renting Primary Residence
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austen
Apprentice
Joined: 05 Jan 2007
Posts: 14
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 Posted: 11/22/09 - 11:11 Post subject: |
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| Hello. I am work abroad and I am rarely in United Kingdom. Therefore I have decided to rent my primary residence and live with parents when I am in United Kingdom. Am I liable to capital gains tax because of this rent and do I have to file tax return because of this? Thank you in advance. |
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shaine
Apprentice
Joined: 21 Feb 2007
Posts: 8
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| Posted: 12/22/09 - 04:41 Post subject: |
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| Hello. You will have to report this rent to Inland Revenue and you will have to pay capital gains tax and fill tax return. However, you will be able to deduct from rent mortgage for flat, any repairs you have to do in that apartment and all other things that can be connected to this flat. I hope this helped you. |
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