Losses from a rental business can only be set against future profits if the business is a continuing business. In some instances, it will not be clear as to whether ... Continue Reading
If there is an overall income tax loss on an individual’s (not a company’s) continuing property portfolio over a tax year and that loss has been created ... Continue Reading
Persons who own property on their own do so in their sole name with sole rights.The two ways in which property may be held jointly are as: Joint tenants – ... Continue Reading
Tax relief is allowed on interest paid on mortgages/loans taken out to finance the purchase of assets held within a business. Landlords who own two or more properties ... Continue Reading
The rules of the ‘Rent-A-Room’ relief scheme enable the landlord to prepare the usual income and expenditure accounts and then compare the actual expenses ... Continue Reading
Where the Annual Investment Allowance (AIA) is not claimed or not available because the limit has already been reached, tax relief is given on the purchase of capital ... Continue Reading
Legislation does not define exactly what constitutes a ‘residence’ but in the tax case of Batey v Wakefield (1981) it was decided that not only can the ... 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
Work carried out to an existing or newly acquired property resulting in the property being improved or altered is deemed to be a capital expense, which is deductible ... Continue Reading
Capital allowances available on assets purchased for use in a property business need not be claimed in full; the amount can be restricted by choice. The amount of ... Continue Reading
