If you are a landlord, it is important that you are aware of expenses you can and cannot claim from your rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. In some … Continue reading What Expenses Can Property Landlords Claim?
This month we are focusing on: Inheritance and Property Tax And this week are looking at: Tax on Property – Rental If you decide to purchase a property for rental – you will pay Capital Gains Tax on the eventual profit from sale – but whilst you … Continue reading Terrific Tuesday Tax Tip – Tax on Property – Rental
As of now, the UK is scheduled to leave the European Union on 31 October. It is still unclear, however, whether and how this will happen. A deal could be agreed between the UK and the EU, meaning that a transitional period would begin, during which … Continue reading Preparing For A No-Deal Brexit
Q: A married couple own a property that is their main residence and are entering into a transaction to purchase two dwellings that are next to each other, one of which will be their new main residence. They have been advised they will have to pay the … Continue reading Tax Question Of The Week – SDLT Higher Rates Transaction
Q A client and his wife own a house in Devon and a flat in London. My client stays at the London flat for three/four nights only in working weeks but they made a PPR election nominating the London flat when they purchased it. The Devon property is … Continue reading Tax Question Of The Week – Stamp Duty Land Tax
This article covers the basics of how the various different forms of tax may affect your rental property.[i] Do you pay Stamp Duty Land Tax on a buy to let property? Yes, the amount varies depending on the price of the property and where in the … Continue reading Tax on buy to let properties
Most individual buy-to-let UK residential property owners will probably assume that the straightforward purchase and subsequent sale of buy-to-let residential property is a capital transaction, such that individual investors will be liable to capital … Continue reading Buy-to-let owners: an anti-avoidance trap?
Q: Jack and Jill started living apart in November 2018 but there was then no contemplation of a divorce. In May 2019 they discussed their situation and at that point in time decided to get divorced. They agreed to get divorced in January 2020. … Continue reading Tax Question Of The Week – Date Of Separation For CGT
If I leave my main residence to a discretionary trust on my death for the benefit of my children, will I still benefit from the residential nil rate band? Answer … Continue reading Tax Question Of The Week – Discretionary Trusts…