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 available for commercial letting as holiday accommodation for at…
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 capital allowances and have a full track history available to potential buyers. If appropriate…
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 property purchased outside disadvantaged areas Zero charge…
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 title into joint names, with no change in the beneficial interest…
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 deposit. You…
Landlords of residential property are at a disadvantage when it comes to claiming capital allowances on plant and machinery. Plant in a ‘dwelling house’ does not qualify for capital allowances. It is, however, still possible to claim capital allowances on plant installed in common areas. Common areas, for example, in a block of flats. Commercial…
Later this year your solicitor, or property conveyance person, will be required to file new forms with the Stamp Duty Land Tax Office when you buy a property. The regulations allow old forms to be used, or the new forms, from 1 April 2011 to 3 July 2011. After 4 July 2011 only new forms…
If you have a commercial furnished holiday let within the EU, then there is potential for a tax refund. Did you know up to 30% of the purchase price of a furnished holiday letting may be eligible for capital allowances? If these allowances are higher than your profits from rental income, any excesses may be…
The FSB is concerned that small firms with empty properties could pay thousands extra in rates with changes to the exemption from paying empty property rates due to come into force from April. The exemption, introduced in 2009, meant that businesses with an empty property in England with a rateable value below £18,000 did not…
HMRC are presently consulting with interested parties with the intention of changing the rules for the tax treatment of FHL property from April 2011. We thought readers would be interested in the specific proposals being discussed: 1.Currently, a property must be available for commercial letting to the public for 140 days and be let for…
