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.
WHERE THE CONDITIONS of TCGA 1992, s 222 'Relief on disposal of private residence' are met, the gain on the sale of a property may be reduced in whole or part by only or main residence relief. After applying this relief, any remaining gain may be reduced by a letting exemption under s 223(4) . This article will consider the, often valuable, letting exemption and offer opinion on a favourable interpretation of the exemption. Statutory references are to the TCGA 1992, unless otherwise specified.
FINDING YOUR WAY through the stamp duty land tax (SDLT) maze is a bit like being a novice skier, one minute you are moving smoothly along the ski slope, the next you hit an obstacle and are hurtling off piste out of control. This article outlines some of the hazards that practitioners should be aware of when dealing with SDLT on lease transactions to enable them to avoid any accidents.
MORE CONSULTATION DOES not necessarily mean better legislation. Stamp duty land tax (SDLT) was probably the most consulted upon tax in history and yet from the start it has been clear that the legislation contains many anomalies and uncertainties. How can this be?
Back To Basics
Valuable Reliefs
NICK HUGHES explains the rules of business property and agricultural property reliefs.