If you had income from private residential leases which were registered with the Housing Authority as a long lease, we can help you claim a tax rebate on the attractive 15% tax on such income.
When a long lease does not last a year, the rebate is reduced proportionately to the duration of the lease but such rebate can under no circumstances exceed 15% tax on the rental income.
The rebate is a function of the number of bedrooms and the lease duration as detailed on click this link
In the case of rental income you must first ascertain if it is advantageous to pay tax at 15% on the gross rental income rather than at the marginal tax rates that would normally apply on your annual tax return. Rental income from connected undertakings do not qualify for the 15 % tax rate option.
In order to be eligible for this lesser tax rate taxpayers must submit a form and pay the resulting tax by not later than 30 April 2021. Late submissions are subject to interest. Since it is not necessarily in everyone’s interest to apply this rate and the rebate thereof it is important to contact us to evaluate if applying for this lesser rate is to your advantage.