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
Inheritance tax (IHT) is charged on the value (assets less liabilities) of a person’s estate on death. The first £325,000 is exempt (the ‘nil rate ... Continue Reading
Expenses for repair and maintenance incurred prior to the first letting income received may be allowable provided certain conditions are met; namely that: • ... Continue Reading
PPR is a valuable tax relief and ‘flipping’ is legitimate tax planning. However, if used too many times or in quick succession, there is the danger ... Continue Reading
