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Property Tax Insider

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  • 3 FREE Issues - The current December #100 and the previous two issues of November #99 and October issue #98 (12 tax saving articles)
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    Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
    • Claiming Private Residence Relief: A Sting In The Tail? 
    • The concept of capital gains tax (CGT) relief on the disposal of an individual’s home is straightforward enough. However, in practice errors by taxpayers (and agents) in private residence relief claims are seemingly common. Mark McLaughlin warns that an incorrect capital gains tax private residence relief claim could result in penalties as well as tax.

    • Form 17 - Tips And Traps 
    • Married couples and civil partnerships are deliberately provided with a set of measures that are supposed to make things easier from an income tax perspective. However, many taxpayers do not fully understand how the legislation works. This article will attempt to break this down into a few simple steps. Lee Sharpe looks at the special income tax rules for married couples and civil partners.

    • Why A Property Company May Be A Bad Idea 
    • Of course, there are other reasons, not related to tax, why you might want to set up a limited company to hold a property portfolio. But we’re going to stick to considering the merits or otherwise of a property company from a tax point of view. Alan Pink considers the drawbacks of the popular property holding company structure – and considers a possible alternative.

    • Crunching The Numbers! The Property Income Pages 
    • The self-assessment tax return for 2017/18 must be filed online by midnight on 31 January 2019. If you received income from property in 2017/18, you may need to tell HMRC about this by completing the property pages of the return; however, not all property income needs to be declared. Sarah Bradford explains what information needs to be returned on the property income pages of the self-assessment tax return.

    • Government Planned Changes For Reporting Property Sales And CGT
    • There are to be some quite fundamental changes to the way that UK residents will be required to report and pay for capital gains on residential property. They are likely to prove most unwelcome. Lee Sharpe looks at government plans to significantly change how people report and pay capital gains tax on UK property sales.
    • A ‘Pea-Souper’ Of A Property Tax Question
    • How should you structure your property portfolio investment for maximum tax efficiency?  This was always an important question because of the existence of higher rates of income tax going up to 45% currently, with, by contrast, very much lower rates of corporation tax applying to the income of companies. But it has become much more acute, as we all know, by the introduction of the ‘Osborne tax’, which is just now beginning to bite much harder and will very soon be giving rise to cruelly anomalous results. Alan Pink considers a vexed property question for rental property landlords on which there is probably too much advice at the moment, and offers some of his own! 
    • That’s A Relief! Replacement Of Domestic Items 
    • Where a landlord lets a property, domestic items may be provided as part of the let. Where the let is unfurnished, this may only include curtains and minimal white goods, whereas in a furnished let the provision of domestic items will be more comprehensive. Sarah Bradford explains how landlords can obtain tax relief when replacing certain domestic appliances.
    • IHT And Holiday Lettings: A (Rare!) Business Property Relief Success 
    • Inheritance tax (IHT) relief at the rate of 100% is an attractive proposition. Business property relief (BPR) is available to business owners if certain conditions are satisfied.  BPR at the 100% rate applies to ‘relevant business property’ including a business or interest in a business (in certain other cases, BPR is available at 50% instead). Mark McLaughlin highlights a recent tax case in which inheritance tax business property relief was held to be available on holiday lettings.
    • Property Income - Whose Income Is It Anyway? 
    • Married couples (and civil partners) often own assets such as investment properties in joint names. For income tax purposes, those individuals are generally treated as beneficially entitled to income from the investment property in equal shares. Mark McLaughlin highlights a recent tribunal case on the taxation of income from a property jointly-owned by a married couple. 
    • The Cost Of Changing Your Mind
    • Tax planning for property can be fraught with problems, particularly in relation to the all-important question of whether a property-based activity is trading or investment for tax purposes. Alan Pink considers the tax charges that can arise when a trading property becomes an investment and vice versa.
    • Rent-A-Room Relief – A New Test
    • Rent-a-room relief was introduced in 1992 to provide an incentive for people to let out spare rooms in their home; the aim being to increase the availability of low-cost rented accommodation and make it easier for people to move around the country for work. Sarah Bradford explores the new test that will need to be met from 2019/20 onwards in order to qualify for rent-a-room relief.
    • What Is A Residential Property?
    • A few weeks ago, HMRC people sat down with representatives from the professions, including the Chartered Institute of Taxation (CIOT), to discuss what is, and what is not, a ‘dwelling’ insofar as stamp duty land tax (SDLT) is concerned. The details have been published on the CIOT’s website. Such things are as rare as hens’ teeth, so it is worth reading for those who have an interest. Lee Sharpe considers what is a dwelling for stamp duty land tax purposes.

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