A brother and sister own a property they inherited 20 years ago. It has been used by family members and more recently has been let out. To benefit her brother, the sister has suggested she could purchase his interest in the property
Each Taxation writer provides a tetrad of analyses of the chancellor’s announcements
A husband and wife own a property as tenants in common but plan to sell to a new limited company
Two shareholders own eight properties through an investment company. They wish to go their own way and would like to achieve this by forming two separate companies, each owning four properties
To mitigate income tax liability, a client transferred commercial property into the joint names of himself and his wife. However, only his share is eligible to capital gains tax entrepreneurs’ relief
The previous accountant of a new client showed the income and expenditure relating to five let properties as being from self-employment. The presumption is it should be shown as income from property
The father of two grown-up children has purchased their first homes using buy-to-let mortgages. The children reimburse their father for the monthly mortgage payments each month
By John Feaster; £68.50; third edition; paperback; 246 pages; Claritax Books
The only activity of a limited liability partnership is as a property investment business. Tax losses are being carried forward with some reduction by subsequent profits. One of the partners now has personal property income, but the LLP losses cannot be set against it
HMRC have published guidance on the stamp duty land tax (SDLT) treatment of de-enveloping transactions, which are expected as firms move to duck the new annual tax on enveloped dwellings (ATED).
Companies may de-envelope a property by a capital distribution to shareholders following liquidation of the company. The tax consequences of de-enveloping will depend on whether or not there is consideration given by the shareholders for the transfer of the property.
Does the working farmer relief apply to property transferred on the death of a husband to his wife, who was a partner in a farming business?
Tax experts have raised concerns about the government’s plan to impose capital gains tax (CGT) on overseas residents who sell UK property, calling it an attack on rich non-voters and warning that it could discourage foreign investors.
The chancellor, George Osborne, announced the charge in his autumn statement today, after weeks of speculation it would form part of an anti-avoidance package in his speech to the Commons.