Where you have more than one property it is possible to choose which one is your PPR at any given time, provided the elected property is used as a home. However, ... Continue Reading
If you let a property furnished, it may be beneficial to delay spending money on replacing furnishings until on or after 6 April 2016. This is because 2015/16 is ... Continue Reading
Joint ownership exists where two or more persons own property that is let. The individuals are taxed on their share of the annual profits or gains made.Individuals ... Continue Reading
Under the ‘Non-Resident Landlord Scheme’ (NRLS) where the deductible expenses exceed rental income for any quarter the excess expenses are: carried ... Continue Reading
Unrepresented taxpayers frequently miss out on an additional valuable relief, which is the availability of a three-year carry-back for losses incurred in the opening ... Continue Reading
The ‘Non-Resident Landlords Scheme’ (NRLS) requires that where there is no UK-based representative/agent, the rent being paid directly to a landlord ... Continue Reading
On the transfer of property into a trust, the original owner of the property (the ‘settlor’) is treated as having gifted the property to the trust at ... Continue Reading
The gift of undivided shares of property will not be subject to the ‘gift with reservation of benefit’ (GWRB) rules provided the donor and donee both ... Continue Reading
Should a property letting business be run by individuals who wish to transfer the property into a limited company then there will be a CGT charge on the transfer ... Continue Reading
UK-resident landlords are generally taxed on rental profits made wherever the properties are situated in the world.A record of the rental income, expenses incurred ... Continue Reading
