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JOHN T NEWTH FCA, FTII, FIIT, ATT outlines some tax issues that property investors should consider.
THE TAXATION OF property is a vast subject, and I only intend in this article to highlight some current issues that private home owners and property investors in general might find helpful. Although there is a current reduction in property prices, property investment is still an attractive proposition in many instances.
JOHN T NEWTH FCA FTII FIIT ATT outlines some tax issues that property investors should consider.
THE TAXATION OF property is a vast subject and I only intend in this article to highlight some current issues that private home owners and property investors in general might find helpful. Although there is a current reduction in property prices property investment is still an attractive proposition in many instances.
Re-mortgage rather than sell
Where a property investor is building up a portfolio of properties re-mortgage rather than a sale and subsequent purchase is an attractive proposition. The reason for this is that as illustrated in HMRC Business Income Manual at BIM 45700 borrowing against an upward revaluation of a property still obtains full tax relief. This is illustrated in Example 1.
Example 1
Mr A carries on a property letting business. Property 1...
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