Under what circumstances will my client qualify for loan interest relief on borrowings used to finance his company’s acquisition of trading premises? Loan interest relief on borrowings As well as relief for interest paid on loans to acquire shares in certain companies, relief can also be available in respect of borrowings used to lend money […]
In this post we discuss if a home owner can sell part of their garden for development free of tax. Would such a sale be free of tax? This concerns the “principal residence relief” (PRR) relief from capital gains tax. The relief is given against gains arising on a disposal of a dwelling-house or part […]
This example answers a possible query about claiming a tax deduction for medical expenses. The example client is a self-employed cellist. She suffers from back pain which is made worse by the long periods of sitting still particularly during concert performances. She pays for regular visits to a chiropractor. Are the costs of treatment deductible […]
In this example, a client is a shareholder and director of a company which is due to be sold. Some of his shares have been owned for many years and qualify for entrepreneurs’ relief (ER) but a large proportion were acquired only a few months ago. If the shares are “pooled” much of the capital […]
In this example, a client has bought a flat which is being let to her son. He has recently started his working life in a relatively low paid job so my client is helping out by charging him less than market rent and, as a result, expects her mortgage interest and other expenses to exceed […]
Higher rate of stamp duty land tax on the purchase of additional properties only applies to the acquisition of a major interest.
Entrepreneurs’ relief is given on the disposal of the whole or part of a business – what is meant by “part of a business”?
In this example, a client is about to sell some land which was used by his family company in which he owns 50% of the shares.
My client intends to help his daughter buy her first home by taking a 25% stake in the property. He will continue to live in his current main residence. Will the higher rates of stamp duty land tax for additional residential properties apply?
My client is a trading partnership which requires substantial borrowings in the short to medium term. Will the partners receive income tax relief for interest paid on the borrowings?
My client has acquired a buy-to-let property and will be carrying out some repairs before taking on tenants. Will the repair costs qualify for a tax deduction?