What are the key tax obligations and allowances I need to be aware of as a new UK landlord, specifically regarding rental income and property expenses during my first year?
Quick Answer
New UK landlords must declare rental income, paying tax at their marginal rate after permitted expenses. Section 24 means mortgage interest relief is limited, and Corporation Tax is 19% for smaller profits, with a £3,000 CGT allowance.
About This Topic
New UK landlords must declare rental income, understand Section 24 mortgage interest rules, and navigate SDLT. From April 2024, the CGT annual exempt amount is £3,000.
This question is part of our Tax & Accounting category, providing expert guidance on UK property investment.
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