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UK TAXATION ON RENTAL INCOME Of vital importance to persons considering the purchase of an investment property & rental is the effect of UK Income Tax legislation on that rental income. RDA Estates are associated with a local firm of Accountants and Chartered Tax Advisors who act for many of our clients in connection with their UK taxation affairs. The firm is Clamp Boxall & Co at: 88 Boundary Road Tel: +44 1273 420191 Clamp Boxall & Co have been established for many years in the UK as an Accountancy and Tax Consultancy Practice. The firm specialise in taxation handling, in particular, the affairs of foreign investors and UK expatriates and has a combined experience of over fifty years in these matters. In recent years the firm has built up specific expertise in these areas and now look after a considerable number of Asian and expatriate clients. The firm offers a personalised and efficient service and the Principal, Gary J Clamp, has been a member of the Chartered Institute of Taxation for twenty years. Gary and his staff will be pleased to provide any further information required. Personal Tax Allowances: 1. For properties owned by one or jointly, personal tax allowances of over £5,000pa are provided to each. These allowances are claimable by nationals of Great Britain, Republic of Ireland, Commonwealth Nations and nationals of EU countries. 2. Rental agents fees, mortgage interest, insurance, ground rent and annual maintenance costs are deductible for tax purposes, as is fair wear & tear on contents and other miscellaneous items. 3. From the above, it is clear why the RDA concept of relatively inexpensive investment properties costing up to £200,000 has been established.... Annual nett income of up to £10,000 per year...Little or nil tax payable on the first property.
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