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
The requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property separately from the self assessment tax return was introduced in April 2020. The deadline is 60 days for all completions on or after 27 October 2021. Disposals occurring before this date had to be reported within 30 days. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on 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
Investment zones and freeports – similarities and differences
Investment zones were refocused at the Spring Budget 2023. They are intended to grow the economy by focusing on places with significant unmet productivity potential and building on their existing strengths. How do they compare to freeports?
Inheritance tax: pitfalls and planning points
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
Corporation Tax — amendments to the Real Estate Investment Trust (REIT) regime
Real Estate Investment Trusts (REITS): The government is publishing draft legislation to make further improvements to the operation of the tax rules for Real Estate Investment Trusts. As well as engaging on the detail of these provisions, the government will continue to consider the case for other reform options.
UK Government consults on measures to tackle business rates avoidance and evasion
The consultation focuses on proposed changes to prevent abuse of empty property relief and the “next in use” exemption involving charities and community amateur sports clubs (CASCs). It also asks for evidence relating to other rates avoidance and evasion behaviour including the existence of “rogue agents” that promote such behaviour.
Changes to business rating – a new minefield
It was announced in the Autumn Statement that the business rating eligibility of properties used as furnished holiday lets would change from 5 April 2023.
Are small retailers drowning in business rates?
Retail was one of the industries hit hardest in recent years due to myriad changes, and they’re still struggling. Is regulation holding them back?
Aligning tax perception with tax reality
Governments are constantly communicating spending decisions to the public, but providing exact details of where and how tax revenue is used has proven difficult.
Tax and tax alike: postcards from abroad
The UK’s national tax burden is on the up and people’s expectations of fiscal policy are shifting. We tour the globe to discover how the UK’s taxes compare internationally.
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.
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.
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 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 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 2022/23
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 2022/23
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Inheritance tax 2023/24
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK. The new edition is updated in line with recent case decisions, revised guidance from HMRC, the provisions of Finance (No.2) Act 2023 and recent case decisions.
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 2022-23
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).
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.
Supplies of commercial property and the option to tax
Property tax reliefs in the UK have evolved to conform with EU tax law. This chapter looks at the option to tax commercial property, with sections on the effect, scope, process, duration and revocation of the option.
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.
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 061-23 Stamp taxes on shares modernisation
A representation dated 22 June 2023 to a consultation published by HMRC on 27 April 2023.
ICAEW REP 055-23 Ecosystem markets
A representation dated 8 June 2023 to a consultation published by HM Treasury on 15 March 2023.
ICAEW REP 040-23 Land and Buildings Transaction Tax - Green Freeports Relief: consultation on proposed legislation
A representation dated 11 May 2023 to a consultation published by the Scottish Government on 17 March 2023.
ICAEW REP 029-23 ADS Proposed Amendments
A representation dated 4 April 2023 to a consultation published by Scottish Government on 8 February 2023.
ICAEW REP 079-22 Digitalising business rates - connecting business rates and tax data
A response dated 23 September 2022 to a consultation published by HMRC on 20 July 2022.
ICAEW REP 061-22 Business Rates 2023 revaluation transitional arrangements
A response submitted on 29 July 2022 to a consultation published by the Department for Levelling Up, Housing & Communities on 30 May 2022.
ICAEW REP 043-22 OTS property income review
A response submitted on 25 May 2022 to a consultation published by the Office of Tax Simplification (OTS) on 28 April 2022.
ICAEW REP 040-22 Online Sales Tax
ICAEW’s response to HM Treasury’s consultation on online sales tax. ICAEW is concerned that an online sales tax (OST) will not address the imbalance of the costs of business rates borne by those retailers with physical premises versus the lower establishment costs of e-commerce sellers but will only serve to create extra complexity and increased compliance burdens.
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.
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.
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.
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