Home > > 2008/09 Rates and Allowances > Residential Property Letting
Residential Property Letting
| Tax on rental business profits: | ||
| Unincorporated | income tax rates - 20/40% | |
| Incorporated | corporation tax rates - 21/29.75/28% | |
| Tax on chargeable gain on disposal: | ||
| Unincorporated | 18% on excess over exempt amount | |
| Incorporated | corporation tax rates | |
| Maximum letting exemption relief 1 | £40,000 | |
| Landlord's energy saving allowance: | ||
| Maximum claim for income tax payers | £1,500 | |
| Maximum claim for corporate landlords | £1,500 | |
| Basis claimable | Claim per property | |
| The availability of this claim is to be extended to 2015 | ||
| UK Furnished holiday lettings (FHL): | ||
| Must be available for commercial letting for at least | 140 days p.a. | |
| Be let for at least | 70 days p.a. | |
| Not be let continuously in a seven month period for more than | 31 days | |
| Please contact us to discuss the advantages and disadvantages of FHL | ||
| Rent a room scheme income exemption | £4,250 | |
Notes
- Letting relief is available on let property which has been occupied as your main home.
- Annual profits are not subject to national insurance.
2008/09 Rates and Allowances
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- NI contributions
- Residential property letting taxation
- Main capital allowances