Richard Curtis provides an overview of the main taxes on let property.
The past few decades have seen a substantial increase in the number of property owners who let one or more houses to tenants, driven in part by relaxations in lending, rising property prices and some tax advantages.
At the time of writing (i.e., before the autumn budget on 30 October 2024), the question is whether rumoured tax changes, such as an increase in capital gains tax (CGT), will have a substantial impact on the popularity of such investments, with many reports of owners divesting themselves of such assets.
In the meantime, and pending any future changes, this article looks at the income tax, CGT and inheritance tax (IHT) aspects of let domestic property.
Income tax
For most people, properties that are not their own main residence will be held to produce
