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I am a pensioner, do I still need to pay tax on my property profits?

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I am a pensioner, do I still need to pay tax on my property profits?

Question

I have a property which I rent to tenants for the past 15 years, but I am a pensioner do I still have to pay tax on the property?

 

Arthur Says

Yes you do have to pay tax on the rental income from the property.

 

If it is your own house, rent-a-room relief may be applicable.

 

If the income is small, taking into account all your other taxable income, it may be covered by your age-related personal allowance, and, if applicable, married couple's allowance. So, after doing your sums, you may find that the rental income does not cause you to pay any or much taxation.

 

 

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