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If you live and pay tax in the UK you must declare rental income from overseas property lettings on the foreign pages of your tax return. If you pay foreign tax on the income, you can usually get credit for this against the UK tax you have to pay on it. Declaring income from overseas property lettings You have to declare any income you get from overseas property lettings on the supplementary foreign pages of the Self Assessment tax return. If you're resident, ordinarily resident and domiciled in the UK, you'll have to pay tax on any income from lettings.
Tax on overseas property lettings : Directgov - Money, tax and benefits
Expenses and allowances on income from property : Directgov - Money, tax and benefits
If you let out property you can deduct certain expenses and tax allowances from your rental income to work out your taxable profit or loss. If you have several UK residential lettings you pool the income and expenses together. But you work out furnished holiday lettings and overseas lettings profits separately. If your annual income from letting for the tax year 2011-12 is less than £70,000 (before expenses) you include the total expenses on your tax return. If it's £70,000 or over you need to provide a breakdown. You can only claim expenses that are solely for running your property letting business.