Thanks for your reply Stuart - I'm glad I don't have to register for self-assessment.
Not sure what you mean Clubman by 'having no choice as to how the rental income is assessed'. I had looked in the FAQ's and saw a straight 42% deduction.
Below is a bit of info which might be useful to investment property owners/potential buyers whose married partner has no other source of income.
According to a Sunday Business Post article, tax expert Alan Moore advises:
"As a 'dual income' married couple, the amount you wil be taxed at the 20% band is E38,400 plus the lower of (a) E20,400 (E19,000 was in 2004) and (b) your spouse's income.
So to avail of the full E58,800 band at 20%, it makes sense to transfer up to E20,400 of rental or other income to your spouse. This does not cause tax complications as transferring assets between spouses is exempt from capital gains tax, gift tax and stamp duty."