![100557](https://www.taxation.co.uk/images/default-source/woodwing/100557.png?sfvrsn=36484ac9_2)
Key points
- The Office of Tax Simplification’s penultimate report focuses on property tax income for individuals.
- Areas for reform include the potential abolition of the furnished holiday letting rules.
- Could a ‘brightline’ test provide clarity to trading?
- The tax rules have led to increasing numbers of corporate owners.
- The rules for spousal ownership and form 17 are ripe for reform.
- The capital versus revenue debate continues.
On 1 November 2022 the Office of Tax Simplification (OTS) published its report on simplifying income tax for residential landlords (tinyurl.com/otsproperty2022). As nearly one in ten UK income taxpayers have income from property this is an issue of interest to many clients and their tax advisers.
The OTS report runs to 113 pages and covers a multitude of areas including ownership and financing allowances and reliefs treatment of certain expenses (primarily focusing on repairs) the furnished holiday lettings regime making tax digital for income...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.