The Non Resident Landlord Scheme (NRLS) has often been likened to UK bank accounts where the bank are required to deduct tax at the basic rate (20%) before paying the balance over to the account holder.
The NRLS applies to the letting agent or, where no agent is acting, the tenant and they are required to deduct the tax before paying the balance to the landlord. The landlord will then need to wait until the year end before the tax can be refunded.
Non Resident Landlords can apply for a dispensation so that tax is not deducted and this is a service we can provide if required. This is known as an approval to receive rent gross. It is not an exemption from tax and an annual tax return will most likely be required at the year end.
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