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TAXguide 14/18: property taxes – webinar Q&A

In TAXguide 14/18, Sue Moore answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘property tax update’’, broadcast on 9 July 2018.

TAXguide 14/18

Tax Faculty members can download this guidance in full.

Download

Questions asked include:

  • How do you opt out of the cash basis?
  • Must a property new to the property portfolio be let for a period before claiming replacements, or can it be improved immediately, still claiming replacement expenditure?
  • Does each individual get the property allowance? For example, will two owners get £1,000 each?
  • Will all rental businesses be required to register for MTD?
  • If a person is non-resident now and rents out their former home, do they get private residence relief (PRR) when they sell?
  • If a person living in England acquires a property in Scotland (furnished holiday or normal rental) does this affect how the English resident reports the income? Are they subject to Scottish tax?