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Posted Sat, 23 Jul 2022 18:19:07 GMT by Lorenzo Pasquinelli
Good afternoon, on 30 June 2021 I bought an oversea property in my birth country (Italy) and opened a mortage (with an Italian bank) which cover the 75% of the property value. On 2nd of July 2021 I signed a tenancy agreement with an initial fixed term of 4 years plus 4 optional years, with an annual amount composed of : - £ 4,903.00 rent - £ 510.00 building management The tenant needs also to cover two-thirds of the final bill for the building management which is usually provided by the building administrator which is provided on June. The rent is payed directly on a personal bank account on the same bank which provided the mortage. This income is used only to pay the mortage on the property and it never move from my Italian bank account to my english bank account. I understand that I'll need to fill the Self-Assestment for the year 2022 before 5th of October 2022 (I never done before as I'm a permanent employee since 2016), I have some questions about how to feel the foreign section "Income from land and property abroad" : 1) Should I declare the "£ 4,903.00 rent" into box n.14 ? 2) Should I declare the "£ 510.00 building management" into box n.17 ? 3) Should I declare the "two-thirds of the final bill for the building management" into box n.17? 4) As proof of this property and rent, I have corresponding contracts and bank statements in Italian language. do I need a certified english translation of these documents in case HMRC wants to access them? Thanks
Posted Tue, 26 Jul 2022 12:08:05 GMT by HMRC Admin 10
On the basis of the information provided, your proposed entries in boxes 14 and 17 of the foreign pages of your tax return would be correct.              HMRC would not normally expect you to provide English translations of Italian property-related documentation.                                               Foreign notes     

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