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The ‘Pre-Owned Assets Tax’ (POAT) is an income tax charge levied on the ‘benefit’ earned on any property currently owned by another but of ... Continue Reading

The tax rules state that the purchaser’s entitlement to capital allowances in relation to commercial property be restricted to the disposal value that the ... Continue Reading

Where a taxpayer owns a property as his or her main residence but is obliged to live elsewhere in job-related accommodation, the property could be deemed not eligible ... Continue Reading

Should a property that was initially a main residence be converted into flats and sold, PPR will be denied in respect of the gain attributable to the period of ownership ... Continue Reading

If one spouse/civil partner owns rented properties solely in their own name but is a higher or additional rate taxpayer and the other spouse/civil partner is not, ... Continue Reading

‘Value shifting’ occurs when the value of a property is altered as a result of passing an interest in the property to another. Anti-avoidance rules ... Continue Reading

When a commercial property is sold, part of the selling price will include the value of fixtures that have qualified for capital allowances in the seller’s ... Continue Reading

Ownership (1) By default, rental profit from property jointly owned by spouses/civil partners is taxed 50:50 irrespective of the underlying respective proportion ... Continue Reading

PPR relief is not allowed on the sale of property purchased as the residence of an elderly or infirm (‘dependent’) relative. ‘Dependent relative’ ... Continue Reading

Expenses may be incurred in the setting up of a letting business before the first rental receipt is received (for example, travel, phone, advertising, etc.). If ... Continue Reading