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Property tax

Expert commentary and practical guidance from ICAEW related to the taxation of property in the UK regime, covering areas such as: ATED (annual tax on enveloped dwellings), business rates and stamp duty land tax.

In this section

Features and articles

ICAEW / CAAV annual dinner

Representatives discussed topics including: the Autumn Budget/Spring Statement, the IFF Report to HMRC on IHT reliefs, the complexity of the IHT nil rate residence band, entrepreneurs’ relief, limitations of rollover relief claims , Brexit and the DEFRA paper on the future of food, farming and the environment.

Finance (No. 2) Act 2017: a summary

Lindsey Wicks takes a look at what it contains, including information on income tax, investments, trading and property businesses, corporation tax, chargeable gains, domicile and overseas property, disguised remuneration, capital allowances, indirect taxes, reporting and record-keeping, avoidance and more.

Hammond's housing budget

Philip Hammond delivered an upbeat message in his Autumn Budget statement, despite the disappointing news that growth projections for the UK economy have been revised significantly downwards. Perhaps the uncertainties associated with Brexit are now starting to bite, with businesses reining back on investment and expansion.

Webinars and recordings

TAXtalk February 2018

On this month's edition, the TAXtalk panel will discuss the General Data Protection Regime (GDPR), tax relief for training and rent-a-room relief.

TAXtalk December 2017

In this edition of TAXtalk, the Tax Faculty discuss the latest Finance Bill, as well as current consultations on rent-a-room relief, MTD and intellectual property.

Abbey Tax FAQs

Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Abbey Tax.

Abbey Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.

TAXguide 01/17: Let property

This TAXguide provides guidance on the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and covers the new rules for the deduction of finance charges, which come into effect from 6 April 2017 and is aimed at practitioners who are advising individuals who have bought property as an investment, rather than commercial property development businesses.

TAXGUIDE 08/15

Non-domiciliary announcements made at summer budget 2015

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Property income

An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).

Capital allowances on plant and machinery

An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.

Income from property

This chapter shows how a UK taxpayer's property income is calculated, with reference to the Income Tax (Trading and Other Income) Act 2005. It explains how property income is defined, allowable expenditure, capital expenditure, losses, less premiums, and furnished holiday lettings. The calculations are illustrated with examples.

Property income

Brief chapter introducing the taxation of property income, with subsections on lease premiums, the kinds of expenditures which are tax deductible, relief for certain capital expenditures, loss relief, and furnished holiday lettings.

Lease premiums

A short note explaining how to calculate lease premiums under property tax.

Stamp duty land tax

A short overview of stamp duty land tax (SDLT) payable on UK land transactions, with a brief note on stamp duty reserve tax (SDRT).

UK tax system: an introduction, The (3rd edition)

Guide to the UK tax system for tax practitioners and students.

Transfer of a business as a going concern (TOGC)

The transfer of a business as a going concern is relevant to occupiers and investors. The provisions for TOGC mean that no VAT needs to be charged on the value of the assets; this system can also reduce the stamp duty and land tax (SDLT) bill.

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ICAEW Rep 23/18

Taxing gains made by non-residents on UK immovable property

ICAEW REP 136/17

Traffic light assessment autumn budget 2017

ICAEW REP 109/17

Domicile, off-shore trusts, overseas property etc

Further support

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Private Residence Relief: HS283 Self Assessment helpsheet

Annually updated helpsheet explaining the relief available on the disposal of a private residence. Sections cover who qualifies, CGT for non-residents, Letting Relief, calculating partial relief, residence for a dependent relative, and disposal of a settled property by trustees.

Business rates relief

Guidance on the reliefs available on business rates for small businesses, businesses in rural areas, charities and community amateur sports clubs, businesses starting up or relocating to an enterprise zone, and businesses suffering financial hardship.

Business rates on GOV.UK

Official guidance aimed at tax payers on local government business rates, including information on your rateable value and reliefs, refunds and rebates.

Annual Tax on Enveloped Dwellings: technical guidance

Detailed ATED guidance covering the charge to tax, chargeable interest and 'single-dwelling interest', the definition of 'dwelling', acquisitions and disposals, new dwellings, conversions, demolitions, reliefs, exemptions, administration, and payment.

Capital Gains Manual: Dwellings subject to ATED

HMRC internal manual on CGT applicable to properties that are subject to annual tax on enveloped dwellings, including guidance on computing ATED-related related gains and losses.

Annual Tax on Enveloped Dwellings: reliefs and exemptions

An overview of reliefs available for properties that meet specific criteria and exemptions for charitable companies, public bodies, and bodies established for national purposes with links to detailed ATED technical guidance.

Annual Tax on Enveloped Dwellings on GOV.UK

Basic guidance on AETD covering the meaning of 'dwelling', valuing your property, chargeable amounts for different property value thresholds, and penalties.

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