Bought house in Northern Ireland - taxation implications?

[fmmc]

Hi,
I've just concluded the purchase of a house in Northern Ireland and intend to try and rent it out as I believe there's much scope for house price appreciation in NI. What obligations have I from a taxation point of view? I'm thinking primarily of the rental income I hope to get & further down the line, house price appreciation. Leaving moral issues aside (this is genuinely for my own curiousity), if I didn't advise revenue here in the republic, would they ever know?

PS Rental income based on feedback from estate agents will just cover the repayments.

Moderators....I hope this is posted in the correct forum but if not, please move. Thanks.

 

[Butter]

As a non-resident landlord you need to apply to have your rent paid to you without the U.K tax deducted, otherwise your tenant or letting agent in the U.K is legally obliged to pay you rent with the appropriate tax deducted which they then have to send to the Inland Revenue. Go to the Inland Revenue web-site - they have a lot of info on non-resident landlords. You are entitled to U.K tax reliefs which are pretty much the same as here so you may not owe a large amount of tax on a yearly basis. Any profit and tax you pay in the U.K should be delared on your self-assessment tax return here.
Did you tell your solicitor in the U.K it was a PPR purchase or an investment property? Did you sign any Inland Revenue forms from the solicitor. If you did the Inland Revenue is most likely aware of your property purchase.
I don't think there is any information passing between the Revenue here and the Inland Revenue in the U.K., but who knows if that may change in the future.

 

[fmmc]

Thanks Marg.