"Will I have to pay tax on my rental income?"

The short answer is "yes", the long answer is "it all depends" You may be liable to pay income tax on your net income from the property, that is the gross income less allowable expenses which are incurred in letting the property.

There are few problems for most Landlords in this connection, but in view of the importance of this issue and its potentially complex nature, separate fact-sheets on tax are available for Landlords on request. We would however advise you to seek professional guidance on this complex area.

What happens if I am overseas?

If you live abroad permanently or are working abroad for an extended period you may be required to pay income tax on the net income from any property letting. Again this is a matter for you to seek advice upon.

Tenant Entitlement to Tax Relief

Legislation under the Finance Act 1995 also offer tax relief to tenants paying rent on private accommodation

Professional help

As can be seen just from these brief references, personal taxation is a complex area and one where, as with the letting itself, it is essential.

We will be happy to refer you to a local accountant specialising in such issues. Alternatively we will provide your existing accountant with all the necessary returns to deal with your affairs in a cost effective manner.

Leasehold consent

Leasehold as such does not exist in Ireland, though most newly constructed apartments and in some cases houses where the estate is a managed development are sold by means of a long lease.

In such cases there is a third party Landlord who has an interest in the Estate whose consent to any letting of the premises may be required under the terms of the lease.

Any necessary permission should be obtained in writing. A fee may be charged by the freeholder for giving you a letter of consent which should not be unreasonably withheld.