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Property Tax Insider

Try Property Tax Insider today and receive:

  • 3 FREE Issues - The current August #108 and the previous two issues of July #107 and June #106 (12 tax saving articles)
  • Delivered to your doorstep
    Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
    • Property development through a company: ‘Pros’ and ‘cons’
    • There are many good reasons for running a trading property development business through a limited company. However, a limited company is not always appropriate. 

      Lee Sharpe looks at the advantages and disadvantages of incorporating a property development business.
    • It’s a trust – But not as we know it!
    • Some individuals might assume that the creation of a trust necessarily involves a written document (commonly a ‘trust deed’ in England and Wales), which appoints the trustees, states the terms of the trust, and identifies the beneficiaries and the trust property that will be subject to the trust.

      Mark McLaughlin looks at a case involving a trust where none of the normal formalities were undertaken, which almost resulted in a large tax bill.
    • Selling property: The CGT challenge
    • If you look an inch below the surface of the thinking behind capital gains tax (CGT), what seems at first a simple and even reasonable tax becomes less so. 

      Alan Pink looks at some possible ways of reducing the capital gains tax charge on selling property.
    • Jointly-owned property and rental income: Whose is it?
    • Property that is let out is often owned jointly. The nature of the relationship between the joint owners will generally depend on how the rental income is taxed..

      Sarah Bradford explains how rental income is taxed where property is owned jointly.
    • HMRC’s changing attitude towards interest costs of ‘replacement loans’
    • Like practically all expenses, interest is allowable only if it qualifies as having been incurred ‘wholly and exclusively for the purposes of the business’.
      In fact, the legislation does actually allow the taxpayer to claim a proportion of an overall expense where that proportion represents expenditure laid out wholly for business purposes.
      Lee Sharpe looks at HMRC’s changing attitude towards tax relief on the interest costs of ‘replacement loans’.
    • Legal vs beneficial ownership: The real tax implications
    • The difference between legal and beneficial ownership of property (or indeed any asset) is both age-old and highly topical currently. We need to begin, though, by defining some terms.

      Alan Pink considers a legal concept regarding property ownership that has become very topical recently and the all-important tax implications.
    • Tax treatment of rents related to a trade or profession
    • A trade or profession will generally be carried on from business premises. There may be times where the business does not utilise their premises in full and opts to let out the surplus accommodation.

      Sarah Bradford looks at the treatment of rents related to a trade or profession and explains when rents may be treated as trading income rather than property income.
    • Incorporating a buy-to-let property LLP into a company
    • A limited liability partnership (LLP) is treated like an ‘ordinary’ partnership in many respects. However, an important distinction arises where a business incorporates into a company.

      Mark McLaughlin highlights an important distinction between the incorporation of an ‘ordinary’ partnership of individuals and a limited liability partnership into a company.
    • Varying property partnership shares: Tread carefully!
    • First of all, we need to look at this concept, which is a little bit odd if you think about it, of a ‘property partnership’. By this, we don’t mean so much a partnership which owns property, but a ‘partnership’ whose raison d'être is letting out property as an investment. 

      Alan Pink explains that rental property partnerships can give rise to some tricky tax issues when interests in the partnership are changed. 
    • HMRC's powers to request information - No suspicion needed!
    • Where a taxpayer is unfortunate enough to be subjected to an enquiry into their tax return, it is not uncommon for HM Revenue and Customs (HMRC) to issue a formal notice requiring the taxpayer to provide information or produce documents which HMRC considers is ‘reasonably required’ to check the return (FA 2008, Sch 36, para 1). 

      Mark McLaughlin points out that HMRC’s power to request information or documents may be wider than some taxpayers appreciate. 
    • Making tax digital for landlords: Where are we now?
    • We are now officially into the dawn of a new tax age: making tax digital (MTD) for VAT. So far, only businesses whose VATable turnover, in a period of up to 12 months, exceeds the annual VAT threshold actually need to apply MTD for VAT.
      Lee Sharpe looks at the latest developments in respect of making tax digital.
    • Is rent-a-room relief available for ‘Airbnb-type’ lets?
    • Letting living accommodation on a temporary basis through sites such as Airbnb is a popular way to raise additional cash – and the availability of rent-a-room relief means that it is possible to enjoy this additional source of income tax-free in many cases. 

      Sarah Bradford explores looks at rent-a-room relief and its possible application in relation to Airbnb-type lets. 


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