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Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
- Property Partnerships And Form 17 – Tips And Traps Many readers will be familiar with HMRC’s Form 17 (‘Declaration of beneficial interests in joint property and income’) for use by spouses and civil partners, but it is surprising how even some agents can get the details wrong. Lee Sharpe looks at HMRC’s Form 17 declaration of beneficial interest in joint property and how it is used...
- Reducing CGT On Residential Property Disposals
When George Osborne was Chancellor, one of his main anxieties seemed to be the booming residential property market. He took a number of steps to cool this market down, which also resulted in significant tax hikes for investors.
One of the biggest challenges landlords face when it comes to taxation is reducing the CGT liability when selling. In this article, Alan Pink considers ways of reducing the swingeing 28% tax rate on gains on residential properties.
- Landlord Tax Case: HMRC Disallows Expense Claims
HM Revenue and Customs (HMRC) could seek to disallow such expenses if there is insufficient evidence that the expenditure has been incurred, and may impose penalties for record-keeping failures. Mark McLaughlin highlights a tax case in which HMRC estimated a taxpayer’s property rental business expenses in the absence of sufficient records.
- Main Residence Relief: A House With Land
Main residence relief prevents a capital gains tax liability arising on the sale of one’s home. However, there are important factors that need to be considered when a house is sold with land. Sarah Bradford examines the application of main residence relief to a house with land.
- How To Lose Main Residence Relief
Capital gains tax (CGT) main residence relief is familiar to most UK property owners, and even tends to be taken for granted. Alan Pink looks at what is, arguably, the most favourable relief available against capital gains tax, and ways in which you can accidentally forfeit it.
- Legal v Beneficial Property Ownership: A ‘Taxing’ Distinction!
Lee Sharpe looks at the key differences between legal and beneficial ownership – a common area of confusion for property owners – and differences in the tax treatment.
- Making The Most Of Rent-A-Room Relief
Making tax-free income is an attractive proposition and those looking to earn some extra money by letting a room in their home can do just that, by taking advantage of the rent-a-room scheme. Sarah Bradford explores the opportunities of enjoying tax-free income under the rent-a-room scheme.
- POAT: Out Of The Frying Pan Into The Fire? Part 2
The pre-owned assets tax (POAT) is an income tax charge that can be an unexpected and unpleasant surprise for some individuals. Fortunately, the scope of POAT is restricted by several excluded transactions and exemptions from the charge. In the second part of his article, Mark McLaughlin highlights some possible exceptions to the pre-owned assets income tax charge, as it applies to land and property.
- Transferring Rental Income: Beware Of Tax Traps!
Is it possible to give away your income in a property but still to retain the capital? Is it possible to transfer some or all of the rental income to another family member – for instance, one who is subject to a lower rate of income tax? Lee Sharpe looks at how rental income can be shared out – and the traps to beware of.
- POAT: Out Of The Frying Pan Into The Fire? Part 1
Individuals (and advisers) will sometimes need to consider whether ‘pre-owned assets tax’ (POAT) applies, such as (but not necessarily) if inheritance tax (IHT) planning is undertaken. Mark McLaughlin provides an overview of the pre-owned assets tax charge as it applies to land and properties.
- Taxing Times? Investing In A Student House
Student accommodation is expensive, and your student offspring may pay between £150 and £225 a week, depending on where they study. Renting is, for the tenant anyway, dead money. However, a parent with the funds to invest may wish to consider purchasing a property for their student son or daughter to live in while at university, ideally with additional rooms that can be let to (well-chosen) friends. Sarah Bradford examines whether investing in a property for a student son or daughter to live in whilst at university is worthy of consideration...
- Making The Most Of Main Residence Relief
Most people know that you don’t pay capital gains tax (CGT) in the UK when you sell your own home. But very few know how wide-ranging, flexible, and even generous the relief can be in the case of properties which have not been, or have not always been, your main residence.
Alan Pink looks at some of the well-known and not so well-known ways of reducing capital gains tax on the sale of a property by using main residence relief.
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