The capital gains tax rules on gifts between spouses as being at ‘no gain/no loss’ apply until the end of the tax year of separation. Ideally therefore, ... Continue Reading
Taxpayers seeking to obtain in excess of £50,000 of otherwise unlimited income tax reliefs in any one year are restricted in their claim to the higher of: 25% ... Continue Reading
Anyone buying property to let out on a long-term basis will most likely be deemed an investor, whereas someone buying to refurbish then sell, whether resulting in ... Continue Reading
Where a taxpayer owns a property as his or her main residence but is obliged to live elsewhere in job-related accommodation, the property could be deemed not eligible ... Continue Reading
There is a limited concession to extend Principal Private Residence (PPR) relief should the owner not move into his or her only or main residence on purchase. This ... Continue Reading
Under the 'Replacem ent Furniture' Relief landlords of all residential lets (except furnished holiday lets) whether partly furnished or unfurnished, are able to ... Continue Reading
The rental profit or loss incurred from a property held jointly (or held within a partnership business proper) need not be allocated in the same proportion as the ... Continue Reading
Expenditure on professional fees is deductible from the rental income of a property as revenue expenditure if incurred for the purposes of the rental business. Fees ... Continue Reading
Non-residents investing in UK residential property and UK residents investing in non-UK property must satisfy a ‘day count test’ in relation to that ... Continue Reading
The basic personal allowance is reduced where a person has ‘net adjusted income’ in excess of £100,000. The personal allowance (£10,600 for ... Continue Reading
