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Buy-To-Let Property Tax Handbook, 2nd Edition

Buy-To-Let Property Tax Handbook, 2nd Edition

Author: Mark McLaughlin
Publisher: Bloomsbury Professional (formerly Tottel Publishing)
ISBN: 9781526509420

Previous Edition ISBN: 9781784510541
Published In: August 2019
Format: Paperback
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details

Buy to Let Property Tax Handbook, 2nd edition provide tax advisers with guidance about the key issues and tax planning opportunities that BTL property owners need to be aware of whilst running their business.

It follows the logical sequence from the commencement through to the cessation of the residential rental property business and covers the taxation issues that might apply. It also offers helpful guidance on the legal aspects of buying and selling a BTL property, as well as landlord obligations to tenants.

This new edition has been updated in line with the 'cash basis' measure for small unincorporated property businesses (F(No 2)A 2017), and the introduction of the £1,000 property (and trading) allowance (F(No 2)A 2017).

Other legislative changes relevant depending on the landlord's circumstances that are covered are the following:

IHT and UK residential property held by overseas structures (F(No 2)A 2017) corporation tax: carried forward losses and loan interest relief restrictions (F(No 2)A 2017)
SDLT: increased rates on additional dwellings (FA 2018) and the new Land Transaction Tax in Wales.

Changes bought in by Finance Act 2019 are also covered. The draft clauses include the following

Changes to the territorial scope of corporation tax and CGT (including payments on account) for non-UK residents individuals and companies
Changes to rent-a-room relief
Changes to SDLT periods for delivering returns and paying tax
CGT reporting and payment on account obligations for UK residential property gains UK residents.

Chapter 1: Commencement of a property rental business
Stamp duty land tax
Interest relief
Chapter 2: Calculating profits or losses
Property income
Property expenses
Capital or revenue
Reverse premiums
Chapter 3: Capital allowances
Business property renovation allowance
Chapter 4: Furnished lettings
Wear and tear allowance
Abolition of the renewals basis
Repairs and replacements
Chapter 5: Furnished holiday lettings
Chapter 6: Loss relief
Chapter 7: Letting the home
Rent-a-room
Private residence relief – CGT
Chapter 8: Overseas property businesses
Chapter 9: Jointly-owned properties
Spouses and civil partners
Other joint owners
Is there a partnership?
Chapter 10: Non-resident landlords
Chapter 11: Company landlords
Chapter 12: Inheritance tax
Chapter 13: VAT aspects
Chapter 14: Leases
Chapter 15: Incorporation of a property rental business
Chapter 16: Other issues
Rents connected with a trade or profession
When does a property rental business cease?
Post-cessation income and losses