Thank you for the response. The property actually is in Ireland, it was a gift from my parents. It has depreciated in price by around €80k since the transfer was made. However, I have received rental income from it since 2007. The financial accounts though are in the UK (1 is a bank account, the other a gold & silver depository), although there has been no income related to these and were set up more as a safe haven given the economic problems here.
1. At the outset, there is no tax charge for the gold and silver as it earns no interest which would be taxable in Ireland. Secondly, it is only on any interest earned on the UK bank account that there would be any tax charge in Ireland. Credit will also given under the Ireland/UK Double Tax Treaty for any tax paid in the UK on the interest element. Thirdly, given the property is in Ireland, it is better you file a tax return in relation to any rent earned sooner rather than later, as you are likely to be queried at some stage as to the status of the property. You will be able to set off against the rent earned any expenses incurred in renting out the property or in repairing or maintaining it. However, you will not be able to set off the fall in value against the rental income. Regrettably falls in value are only relevant if you have a Capital Gains TAx liability and not where you are paying tax on rental income.
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