Spring Budget 2024 – the pre-Election gamble
At what was likely to be the last fiscal event before the General Election, we expected a few surprises to be dropped in to woo the voters, although most of these were let out of the bag over the weekend in what seemed to be the most briefed budget ever known. But with so many […]
Spring Budget 2024 – property tax has never been so popular!
A number of announcements were made in respect of property taxation, many of which were suggested as a way to influence taxpayers. Too much can be a bad thing So, the theory goes, if you increase tax rates then revenue increases, but there comes a point when the increase influences taxpayers and revenue begins to […]
IHT and holiday lettings: A (rare!) business property relief success
Inheritance tax (IHT) relief at the rate of 100% is an attractive proposition. Business property relief (BPR) is available to business owners if certain conditions are satisfied. BPR at the 100% rate applies to ‘relevant business property’ including a business or interest in a business (in certain other cases, BPR is available at 50% instead). […]
IHT and holiday lettings: A (rare!) business property relief success
Inheritance tax (IHT) relief at the rate of 100% is an attractive proposition. Business property relief (BPR) is available to business owners if certain conditions are satisfied. BPR at the 100% rate applies to ‘relevant business property’ including a business or interest in a business (in certain other cases, BPR is available at 50% instead). […]
Holiday villa accommodation: Is it ‘commercial’?
Property businesses that provide residential accommodation tend to be profitable in most cases. However, unfortunately losses sometimes arise. For example, an individual may incur losses in the early years of their UK rental property business. Such a loss can generally be carried forward for offset against future profits. Alternatively, in some cases the loss may […]
Holiday villa accommodation: Is it ‘commercial’?
Property businesses that provide residential accommodation tend to be profitable in most cases. However, unfortunately losses sometimes arise. For example, an individual may incur losses in the early years of their UK rental property business. Such a loss can generally be carried forward for offset against future profits. Alternatively, in some cases the loss may […]