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Capital Gains Tax

Capital Gains Tax

If an individual sells their only or main private residence, any gain is exempt from tax. This includes the garden up to 0.5 hectares, or a larger area if required for reasonable enjoyment of the residence. If the property has not been an individual’s main residence...
Property Losses

Property Losses

If a UK property business run by an individual makes a loss, that loss cannot be offset against the individual’s other income and gains. Instead, losses can be carried forward and set against future profits of the same business, indefinitely for as long as the same...
Replacement of Domestic Items Relief

Replacement of Domestic Items Relief

Relief is given for the replacement of domestic items to all landlords of residential property, regardless of the extent to which the property is furnished – the previous wear and tear allowance was only available for furnished properties. The relief is not...
Letting and VAT

Letting and VAT

Residential letting is exempt from VAT. Landlords are unable to register for VAT if they only make exempt supplies. However, if the landlord separately has a VAT registered business, they may be able to reclaim VAT on expenses such as letting agent fees and...
Incorporation for Landlords

Incorporation for Landlords

Some potential advantages of incorporating a property business are: Companies are an effective tax shelter for those who wish to use their rental income to purchase new properties due to the low rates of corporation tax in comparison to income tax. Shares are usually...
Furnished Holiday Lets

Furnished Holiday Lets

A standard furnished lettings business is an investment rather than a trading activity, even where a high number of properties are owned and serviced by the landlord. This means that various capital and income reliefs are not available to most landlords, mainly...