The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The charge to UK income tax applies to the profits of both a UK and an overseas property business, and a property business is one that generates income from land such as rents or licences paid to occupy the land.
A UK resident person (ie an individual or trustee) is subject to income tax on the profits of both their UK and overseas property businesses. A non-UK resident person (ie an individual, trustee or, prior to 6 April 2020, a non-UK resident company investing in property) is only subject to income tax on the profits of their UK property business and not their overseas property bu
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Interest can best be thought of as compensation for the use (or retention) by one person of a sum of money which belongs to another. Therefore, in order for a payment to be interest, there must be a principal sum on which the interest is calculated and both amounts (the principal and the interest)
Class 2 and Class 4 NIC are payable by self-employed earners and partners in a partnership. This guidance note considers Class 2 contributions. For Class 4 contributions, see the Class 4 national insurance contributions guidance note.Class 2 NIC arise where a self-employed individual has income
Why defer a gain?An individual’s net taxable income and chargeable gains for the tax year influence the rate of tax payable on their capital gains. See the Introduction to capital gains tax guidance note.Depending on the nature of the asset disposed of, this can result in the individual paying
Restriction of carry forward and carry back of trading lossesFollowing the extensive changes to the loss carry forward provisions introduced from 1 April 2017, the anti-avoidance rules restricting the offset of trading losses following a change in ownership were tightened up and extended.
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