UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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.
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
TAXguide 10/21: A guide to principal private residence relief
Questions around the tax treatment of someone’s principal private residence (PPR) arise with frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
TAXguide 15/20: CGT UK property disposal reporting
A new requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property within 30 days was introduced in April 2020. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on to the digital service for reporting disposals to HMRC.
TAXguide 11/20: IHT on overseas property representing UK residential property
An update to guidance from ICAEW, STEP, CIOT and The Law Society on areas of uncertainty in the statutory provisions for Inheritance Tax on Overseas Property Representing UK Residential Property introduced by Finance Act (No 2) Act 2017.
Features and articles
Tax news in brief 11 May
Highlights from the broader tax news for the week ending 11 May 2022, including: late payment interest rate increase; guidance on changes to VAT penalties and VAT interest charges; revocation of recognised status for Moscow Stock Exchange; a GAAR Advisory Panel Opinion; exclusivity clauses in employment contracts; and HMRC’s Residential Property Developer Tax Manual.
Availability and occupation requirements for furnished holiday letting
John Endacott, Head of Tax at PKF Francis Clark, provides case studies that examine the tests when starting a furnished holiday letting business.
Levelling Up: how can we rejuvenate the high street?
The Levelling Up White Paper sets out a range of initiatives for reviving the high street’s flagging fortunes. But are they enough?
Futureproofing the hospitality sector - Resilience First panel discussion summary
Resilience First brought together experts to discuss the major challenges facing the hospitality sector, two years on from the UK's first lockdown.
Homes for Ukraine Scheme: payments not taxable
The Government announces income tax, corporation tax and national insurance contributions exemptions alongside reliefs from the annual tax on enveloped dwellings and the 15% stamp duty land tax rate.
How the CGT rules affect separating couples
Lindsey Wicks, ICAEW TAX Faculty Technical Editor, examines whether changes to the no gain/no loss provisions on separation and divorce will prevent unexpected capital gains tax charges from arising.
ICAEW technical round-up: March 2022
This month’s top technical stories include an overview of the tax measures announced in the Spring Statement, HMRC mandating the format of employment expenses claims and a podcast discussing death and digital assets.
Will land in fully environmental usage still be eligible for APR?
With the general move towards ‘greener’ farming following on from the Health and Harmony consultation and the Agriculture Act, some concerns have been raised as to whether land which is put into long term schemes that are fundamentally environmental rather than agricultural will still be eligible for the existing Inheritance Tax reliefs.
Webinars and recordings
Tax Talk with Rebecca Benneyworth: Part II
This session with Rebecca Benneyworth will focus on furnished holiday let (FHL) tax, tax admin framework, capital gains tax 30 day rule and environmental taxes.
Bitesize Briefing: Accounting for COVID-19 support schemes
Aimed at UK GAAP reporters, this webcast outlines accounting considerations for a range of support schemes being made available to businesses during the pandemic.
Changes to CGT on residential property
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
Buy to Let is dead Long live Buy to Let
Webinar slides
TAXbite: Rent a Room Relief
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
Markel Tax FAQs
Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.
Capital gains tax and self-assessment
Residential property disposals
Tax treatment of a holiday let during the coronavirus pandemic
Tax implications of gifted property
Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.
Bloomsbury Core Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Core Accounting and Tax Service.
Agricultural, business and heritage property relief
Expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property.
Bloomsbury Professional Tax Guide 2019/20
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
Buy-to-let property tax handbook
'One stop shop' guidance on the tax aspects of buying, running or selling a residential buy-to-let property business.
Capital allowances: transactions and planning 2021/22
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Inheritance tax 2021/22
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK.
Practical inheritance tax planning
Essential guide for accountants advising clients on inheritance tax planning, addressing IHT and estate planning issues.
Property tax planning (16th edition)
A comprehensive guide to property tax, highlighting available tax planning opportunities as well as potential pitfalls.
Property taxes 2021-22
Annual title providing clear advice on all elements of the taxation provisions relating to land transactions.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
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.
Daily Telegraph tax guide 2018, The: Understanding the tax system, completing your tax return and planning how to become more tax efficient
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK
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.
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).
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.
UK tax system: an introduction, The (3rd edition)
Guide to the UK tax system for tax practitioners and students.
Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Representations
ICAEW REP 028-22 Welsh Government local variation to land transaction tax rates for second homes etc
A response dated 21 March 2022 to a consultation published by the Welsh Government on 20 December 2021.
ICAEW REP 020-22 Business rates 2021-22
A response dated 22 February 2022 to the technical consultation on the business rates review published by the government on 30 November 2021.
ICAEW REP 018-22 Stamp Duty Land Tax Mixed-property Purchases and Multiple Dwellings Relief
A response dated 18 February 2022 to a consultation published by HM Revenue & Customs on 30 November 2021.
ICAEW REP 003-22 Welsh Taxes Power to modify Bill 26 Jan 2022
Comments made by ICAEW on 26 January 2022 in relation to the Welsh Tax Acts Etc. (Power to Modify) Bill 2022.
ICAEW REP 002-22 Tax after COVID post autumn Budget
A response dated 11 November 2021 to a consultation published by the Treasury Select Committee on 2 November 2021. The inquiry is ongoing.
ICAEW REP 99/21 Residential property developer tax
A response dated 13 October 2021 to a consultation published by HMT on 20 September 2021.
ICAEW REP 34/21 Tax after Coronavirus
A response dated 13 April 2021 to a consultation published by TSC on 1 March 2021.
ICAEW REP 08/21 Budget spring 2021
A response dated 14 January 2021 to the Treasury in advance of Spring Budget 2021.
Further support
Useful links
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.
Check if you can claim relief from Stamp Duty Land Tax in Freeport tax sites
Information for businesses buying land or buildings in a Freeport tax site on how to qualify for SDLT relief, how much they can claim, how to claim, and examples.
Stamp Duty Land Tax relief for Freeports
Measure introduced in Budget 2021 offering full relief from SDLT on the purchase of land or property within Freeport tax sites in England, once they have been designated.
COVID-19 Support for Business
<p>Government hub collecting together essential information from Business Wales on financial support and grants, business rates, support for the self-employed, sector-specific advice, and support for employees.</p>
Stamp duty and other tax on property
HMRC hub with links to guidance on filing SDLT returns, tax on specific transactions, stamp duty before December 2003, and exemptions.
Stamp Duty Land Tax Manual
HMRC internal manual providing guidance on SDLT, including information on reliefs and exemptions.
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.
Capital Gains Manual: Private residence relief
HMRC internal manual providing guidance on private residence relief, including definitions, computation, and division of residence on separation or divorce.
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.
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.