Article Summary
This guidance note provides an overview of the UK income tax rules that apply to property income received by individuals from let property in the UK or overseas. It explains that income tax applies to profits from property letting, and that UK residents are taxed on worldwide property income whereas non-residents are only taxed on UK property income. The note lists some property-related activities not treated as property businesses for tax purposes. It then summarises the key HMRC guidance notes that provide more details on how property income is calculated and taxed for individuals, covering areas such as allowable expenses, interest restrictions, furnished holiday lets, losses, overseas property and non-resident landlords. This gives useful high-level context for tax professionals on the scope of the UK's property income tax rules for individuals and where to find more detailed guidance on specific topics, which will help determine their clients' tax liabilities.