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Renting out a second property - do you have expertise in this?

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venetianred Mon 14-Jan-13 10:54:59

In short, we are thinking of renting out our second property. We are just weighing up the pros and cons and potential financial benefit (or not).

In particular, we are trying to find out more about tax considerations, and any exposure we could have to capital gains tax.

Can anyone tell me more, or forward me to a good website which explains this well.

Many thanks for any help.

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Lonecatwithkitten Mon 21-Jan-13 15:03:35

Yes you will hve capital gains exposure, but if it is not your primary residence you will have CGT exposure anyway.
Yes you will have to pay tax on the income (minus wear an tear allowance). There are a lot of details on the HMRC website. If you have a mortgage you will be able to put the interest part of the mortgage againist tax.

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greyvix Thu 07-Mar-13 20:35:48

I am also interested in this. My daughters currently live in our second property (flat), the reason we bought it. Would we be better off renting it out?

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biryani Sun 10-Mar-13 20:31:37

Make sure you declare everything and offset outgoings and you should be ok. Greyvix: you may well be better off renting but there will be costs associated with this, not to mention risk.

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greyvix Wed 13-Mar-13 22:36:50

Thank you for the advice. We are pretty naive, and haven't looked at the best deal financially.

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