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.
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?