Hello and welcome to the site. Thank you for your question.Rental income is chargeable to income tax. If you are basic rate taxpayer then profit from property income will be taxed at 20%.You will be able to offset against the rental income any expenses incurred in the maintenance of the house whilst rented. Also, if you rent it as furnished letting then you will be able to claim 10% Wear and tear allowance against rent received.More information on allowances and reliefs on rental income is covered here (look at property expenses towards the bottom end of Page UKPN 8 of SA105-UK Property noteshttp://www.hmrc.gov.uk/worksheets/sa105-notes.pdf
There is information here also
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