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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

Capital allowances are available on the purchase of certain fixed asset items used in a letting business. Expenditure in excess of the Annual Investment Allowance ... Continue Reading

A premium is a sum paid by a tenant to a landlord either on the creation or surrender of an interest in a property. Surrender premiums payable to terminate ... Continue Reading

Losses from a property business are calculated in the same way as losses from a trade.  The loss on one property in a portfolio is automatically offset against ... Continue Reading