In April 1996 a new Self-Assessment taxation system was introduced. All income from property letting of unfurnished property will be assessed under Schedule A.

Furnished properties are assessed under Schedule D and the wear and tear allowance will remain for furnished properties. Records of rents received and expenditure incurred in relation to ownership of rented property will need to be kept by the owner, as this information will have to be included in the individual landlord’s tax return when it is submitted to the relevant Tax Office. You must therefore keep all monthly statements received from us for this purpose.

If you are intending to live abroad please note that in accordance with Inland Revenue Regulation regarding income received by owners of rented property you are required to complete form NRL1.

In the event of us not receiving confirmation of exemption from the Inland Revenue, we must deduct Tax, at the basic rate, from all rental income collected on your property. These monies are held in an interest bearing account for payment to the Inland Revenue as and when requested.

We would advise that you take advice from an accountant on all tax matters.