When a commercial property is sold, part of the selling price will include the value of fixtures which have qualified for capital allowances in the seller’s ... Continue Reading
There is a limited concession to extend PPR relief should the owner not move into his only or main residence on purchase. This covers situations where the owner: • buys ... Continue Reading
When an individual sells his only or main residence, generally the gain is exempt from CGT due to principal private residence (PPR) relief. However two conditions ... Continue Reading
Tax planning possibility: • Disposals between spouses/civil partners are deemed to occur on a ‘no gain/no loss’ basis. • If ... Continue Reading
After the decision has been made to sell a rental property, expenses incurred cannot be deducted from the rental income that has been received. Although there ... Continue Reading
If a business rents a commercial property and under the terms of the lease is required to incur the cost of repairing part of the property, the expense is allowed ... Continue Reading
If there is an overall income tax loss made for a tax year, that loss is generally relieved as follows: • Carried forward and set against profits ... Continue Reading
For income tax and capital gains tax purposes only the operation of a furnished holiday let (FHL) is deemed to be a business and not a property income investment. Specific ... Continue Reading
Although you have until 31 January after the end of the tax year to file your Tax Return, if you file it online by 30 December and the amount of tax that you ... Continue Reading
Suggestions • Gift the property and then pay full market rent to live there. The gift will be a potentially exempt transfer (PET) for IHT purposes; ... Continue Reading
