This release provides statistics on income and expenses from renting property declared by taxpayers in HMRC’s Income Tax Self-Assessment (ITSA) returns data only. Statistics are provided for 5 tax years from 2018 to 2019 up until 2022 to 2023. Incorporated businesses with property income do not file ITSA returns and as such are not included in this release. The publication also does not contain information on tenants of rented property, or on income received from buying and selling properties.
Further details, including policy background, data suitability and coverage, are included in the Background information and quality report.
Correction
HMRC has identified a data processing error impacting the Property Rental Income Statistics published on 30 August 2024. The issue was found during detailed analysis the publication data.
This error resulted in an undercount of partnerships returns which has resulted in an under representation of this sub-population. The error also affects reported expenses of landlords and any statistics featuring landlord population totals.
An updated release of the 2024 Property Rental Income Statistics will be published on 12 February 2025. This release will contain corrected statistics for partnerships.
For any queries, please contact: propertyrentalstatistics@hmrc.gov.uk
Archived reports
Property rental income statistics for 2023 can be found on The National Archives website.
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Purpose:
The purpose of this release is to provide statistics on income and expenses from renting property declared by taxpayers in HMRC’s Income Tax Self-Assessment (ITSA) returns data, covering a period of five tax years from 2018-19 to 2022-23. The statistics exclude incorporated businesses with property income and do not include information on tenants or buying/selling properties.
The primary objective is to provide a comprehensive dataset for taxpayers, policymakers, and researchers to understand the trends and patterns in property rental income and expenses. This release aims to serve as a valuable resource for those interested in understanding the economic implications of renting properties in the UK.
Effects on Industry:
The publication of this release will have significant effects on various industries related to property rental, including:
- Taxation and accounting firms, which will benefit from having access to updated statistics on income and expenses.
- Real estate professionals, who can use these statistics to inform their business decisions and stay up-to-date with market trends.
- Policymakers, who will have a better understanding of the economic implications of property rental income and expenses, enabling them to make informed policy decisions.
The accurate representation of partnership returns in the updated release is expected to correct previous undercounts and provide a more comprehensive picture of the landlord population, which may lead to adjustments in industry practices and expectations.
Relevant Stakeholders:
This release affects various stakeholders, including:
- Taxpayers with property rental income, who will benefit from having access to accurate statistics on their income and expenses.
- Policymakers and government agencies responsible for taxation and housing policies.
- Real estate professionals and businesses related to property rental, such as accounting firms, property management companies, and tax consultancies.
These stakeholders will be interested in the updated release of property rental income statistics, which provides a reliable dataset for research, planning, and policy-making purposes.
Next Steps:
To comply with this update, relevant stakeholders should:
- Review the corrected statistics on partnership returns to ensure accurate representation.
- Adjust their business practices or expectations accordingly.
- Use the updated data to inform future decisions related to property rental income and expenses.
Any Other Relevant Information:
Further details, including policy background, data suitability and coverage, are included in the Background information and quality report. The corrected release of 2024 Property Rental Income Statistics is expected to be published on February 12, 2025, which will provide a comprehensive dataset for taxpayers, policymakers, and researchers.
Archived reports on property rental income statistics for previous years can be found on The National Archives website. For any queries or concerns related to this release, please contact the dedicated email address: propertyrentalstatistics@hmrc.gov.uk
