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What about tax liabilities?

You are liable to pay tax on any profit your rental property has generated. Tax amounts payable will depend on your circumstances. If you are away overseas for more than 6 months in any tax year, you will be classed as a non-resident landlord. Under the current legislation we are required to deduct the Revenue tax at the basic rate and pass this over to the inland Revenue, unless we are in receipt of a letter of exemption from the inland Revenue. After we have received a letter of exemption we will no longer need to deduct any tax.