Many landlords are deciding to sell their residential properties. What are their options for taxes and reliefs?
Changes to Capital Gains Tax – PPR and Lettings Relief
Important changes will come into force in April 2020 which relate to tax relief that is due on the sale of property which was previously a taxpayer’s Principle Private Residence “PPR” during any point in the period of its ownership.
Tax rates and deadlines for stamp duty
The government has shortened the period for paying SDLT from 30 days to 14 days
Structures and buildings allowances
The cost of acquiring your business premises may be written off in your accounts, but for many years those costs have been disallowed for tax purposes so there is no tax relief until you sell the building.
Gains from off-plan purchases of your home
Most people understand that when you sell your main home the profit you make on the sale is exempt from tax
The tax exemption for homes to be clipped
When you sell your only or main home, you expect any gain you make to be free of CGT, but …
Relief for first-time buyers
If a residential property worth up to £500,000 is purchased by one or more first-time buyers, the first £300,000 of the purchase price is exempt from SDLT. This exemption applies for property purchases completed on and after 22 November 2017.
Reclaim SDLT, LTT or LBTT
If you have acquired a new home since 1 April 2016 you should be aware of the 3% stamp duty land tax (SDLT) supplement which applies to purchases of second and additional homes
VAT option to tax
Commercial properties which are more than three years old will not have VAT attached to their sale or rent unless the owner or leaseholder has opted to apply it. This is called the “option to tax”.
SDLT and the family home of unmarried couples
Will Stamp Duty Land Tax (SDLT) or higher rates of SDLT be payable for unmarried couples separating and re-arranging the family home ownership?
Rental property interest relief problems
Remember there is a new restriction to the relief that landlords get for interest and associated finance charges where they are letting out residential property.
Rental income – property allowance
Do you have a rental property from which you only receive a small amount of income or perhaps you only have very low expenses to claim against the property? Can you make use of the new £1,000 property allowance?
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