Property Tax Planning, 17th Edition

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Property Tax Planning, 17th Edition

By Philip Spencer
Bloomsbury Professional (formerly Tottel Publishing) February 2024

Specifications

ISBN-13
9781526526250
Publisher
Bloomsbury Professional (formerly Tottel Publishing)
Publication
February 2024
Format
Paperback , 456 pages
Jurisdiction
U.K. ? Countri(es) for reference only

Details

Helping you quickly establish tax planning opportunities and potential pitfalls.

The book is divided into the four categories of property ownership: property investors; property dealers and developers; trading premises; and private residences. Within each category all relevant tax planning areas are outlined chapter by chapter, with reference to legislation and case law.

Updated in line with Finance Act 2018:

  • New SDLT relief for first-time buyers
  • Income received by non-UK resident companies from UK property rentals will be chargeable to corporation tax, rather than income tax, from April 2020
  • Non-resident capital gains on any immovable property subject to tax from April 2019.

Also includes the following:

  • Changes to substantial shareholding exemption (F(No 2)A 2017, ss26-28)
  • Carry forward loss rules/changes to group relief (F(No 2)A 2017, s18 and Sch4)
  • Effective replacement of worldwide debt cap with the Corporate Interest Restriction rules from 1 April 2017 (F(No 2)A 2017, s20 and Sch 5)
  • Commentary on the Hybrid Rules that can prevent tax deductions for financing costs
  • Changes to trading in land and transactions in land, based on changes introduced in March and July 2016
  • New section on Base Erosion and Profit Shifting (BEPS)
  • Commentary around avoidance practices and HMRC success in 2016 and 2017 with reference to case law, in particular the Development Securities.

Table of Contents

Part A Property Investors
1. Acquisition of a property through a non-UK resident company
2. Property ownership through a non-UK resident trust
3A Relief for finance costs incurred by individuals, trustees and
non-UK resident investment companies
3B Finance costs for UK property investment companies
4. Repairs, renewals and improvements
5. Stamp duty land tax
6. Capital allowances on plant and machinery
7. Other allowances
8. Holding investment property through a company
9. Premiums received
10. Letting as a trade
11. Capital gains planning: properties held at 31 March 1982
12. Capital gains planning: the indexation allowance
13. Capital gains planning: deferring a sale
14. Capital gains planning: selling the company rather than the
property and the further possibility of selling to a UK REIT
16. Planning for losses: capital losses and surplus management
expenses
17. Planning for losses: transfer of investment property to a
dealing company
18. VAT planning for property investors

Part B Property Dealers and Developers
19. Tax relief for reductions in property values
20. Reclassification of trading stock as investment property
21. Tax planning on the transfer of trading stock
22. Tax relief for finance costs
23. Acquiring a trading company with tax losses
24. Selling shares in a property trading company and antiavoidance
provisions
25. Construction Industry Scheme
26. VAT points for property developers

Part C Trading Premises
27. Premium relief on the acquisition of a short lease
28. Tax relief for finance costs
29. Capital allowances on plant and machinery
30. Capital gains planning: replacement of business asset ('rollover')
relief
31. Capital gains tax planning: entrepreneurs' and investors'
reliefs for individuals and trusts
32. Capital gains planning for companies: exemption for sales of
substantial shareholdings
33. Tax-free statutory compensation
34. Construction Industry Scheme
35. VAT and trading premises

Part D Private Residences
36. The capital gains tax, ATED and SDLT regimes for
residential property
37. Motive for acquisition of a residence
38. Main residence election where more than one property is
owned
39. Land and buildings included with a residence – maximising
the exemption
40. Converting, reconstructing or refurbishing a main residence
41. Main residence: taking advantage of the exemption for the
last 18 months of ownership
42. Temporary absences: preserving the exemption
43. Taking advantage of the exemption on let property
44. Main residences: periods before 31 March 1982
45. Rent a room: income tax exemption on part letting of a main
residence
46. Expense deductions for business use of home

Appendices
Index

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