Who ever said that owning property in another country is easy? For one, Irish taxpayers who own property in the UK should know their tax returns are due by the end of this month.
Aidan Clifford, ACCA’s advisory services manager, says many Irish people invested in UK property over the past few years “and will therefore have a UK tax return to file and pay by the end of this month. Unlike Ireland, the UK tax year ends on April 5th each year and the tax return filing and payment deadline is the following January 31st.”
While the fine for late payment in the UK is only £100, interest and penalties for non-filing could be substantial. There have also been changes to the furnished holiday letting rules in the UK and many of the benefits and tax shelter under this scheme have been reduced.
Any Irish person with an overseas property, even when the property is not generating a rental income, needs to attend to the local taxation rules. The deadline in the UK is January 31st for all rental income earned in the year to April 5th .
Failure to file a return will leave the property owner liable to prosecution and will make the subsequent sale of the property much more difficult.
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