Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks for reply
Can you advise what is the tax amount if say the rental value is 70k per year?
"This extra charge for properties over GBP 75K merely substitutes the market rent for annual value for rating purposes."
I confirm the property at time of purchase was more than 75k ( i assume most properties in uk are) , is there addition tax as consequence?
I should have mentioned, of course, that you do have your personal allowance to reduce the total for tax plus any other expenses like professional subscriptions etc and also, if you have a job, pension contributions.