Hi,
I have the following query that the revenue were somewhat unsure of when speaking with them, would anyone here have an opinion....
Is the U.K. (gross) rental income (i.e. before expenses) of an Irish person (resident and domiciled in Ireland) liable to the U.S.C. in circumstances where no net income is generated?
In other words, is there liability if the portfolio is cash-flow negative (due to mortgages; insurance; Agents Commission; repairs, etc.) and does not generate any profit and where it is registered with the U.K. Tax Authorities?
Thanks!
I have the following query that the revenue were somewhat unsure of when speaking with them, would anyone here have an opinion....
Is the U.K. (gross) rental income (i.e. before expenses) of an Irish person (resident and domiciled in Ireland) liable to the U.S.C. in circumstances where no net income is generated?
In other words, is there liability if the portfolio is cash-flow negative (due to mortgages; insurance; Agents Commission; repairs, etc.) and does not generate any profit and where it is registered with the U.K. Tax Authorities?
Thanks!