Furnished Holiday Lettings

Does your holiday home qualify as a Furnished Holiday Let (FHL) property? And if it does, what are the tax advantages? Does your property qualify? From April 2012 the following conditions apply: The property must be situated in the UK or EEA. The property must be...

Buying or selling a commercial property

Owners of business property will be aware that certain parts of commercial buildings are treated as fixtures and fittings and capital allowances can be claimed. From April 2012 sellers of commercial property should ensure that they have maximised any claims for...

HMRC to stamp on residential property transactions

How much Stamp Duty Land Tax will you pay when you buy residential property in the UK following the Budget? Firstly the extension of the nil rate band to £250,000 for first time buyers ceased 24 March 2012. The current Stamp Duty Land Tax (SDLT) rates are: Residential...

Taxation of jointly owned property

Where property is owned jointly it is possible to divert income from a high rate taxpayer to a low rate taxpayer without necessarily giving up the beneficial interest in the underlying property. Between husband and wife and civil partners a simple transfer of legal...

Putting your kids on the property ladder

Many people worry that their children will never be able to afford to buy a home, not without some help from Mum and Dad. So, what are the tax implications of giving them a helping hand? If they are aged 18 and above, the simple option is to make a gift of the...