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
If a gift of a property (or share of a property) is made or a property is sold at less than its market value, CGT is charged as if the donor had received the ... Continue Reading
There are set rules for use of the ‘Rent-A-Room’ relief scheme: • It applies if the taxpayer also rents out unfurnished rooms in ... 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 ... Continue Reading
The Business Premises Renovation Allowance (BPRA) allows 100% capital allowances to be claimed on the cost of conversion of derelict or unused business premises ... 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
Expenses incurred in the running of a property business will have been spent in order to generate income and as such can be deducted from income received during ... Continue Reading
There is an exemption for inheritance tax purposes in addition to the £3,000 annual allowance for gifts made out of income on a regular basis. It is important ... Continue Reading
