The following Owner-Managed Businesses guidance note Produced by Tolley in association with Martin Wilson and Steven Bone provides comprehensive and up to date tax information covering:
Ordinary residential property does not, and never has, qualified for capital allowances. as CAA 2001, s 35 denies plant allowances for expenditure incurred in providing plant or machinery for use in a ‘dwelling-house’.
Despite this, residential landlords have in recent years been a major target for the more bullish capital allowances advisers. Using houses of multiple occupation (HMOs) as an illustration, the argument of these advisers has been that shared or communal areas were not part of a dwelling-house. Or put another way, for a property in multiple occupation, the demise of each dwelling-house was limited to the private bedrooms.
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
What is a settlor-interested trust?A settlor-interested trust is one where the person who created the trust, the settlor, has kept for himself some or all of the benefits attaching to the property which he has given away. A straightforward example is where a settlor transfers assets to trustees for
What is quick succession relief?Quick succession relief (QSR) reduces the tax payable when the same property has been subject to more than one charge to IHT. It applies where there have been two chargeable transfers on which tax is payable within a period of five years.Although commonly called QSR,
What is structures and buildings allowance (SBA)?From 29 October 2018, expenditure on constructing a non-residential building or structure, or in certain cases, expenditure on acquiring such a building or structure, qualifies for an SBA. The following note has been updated for the changes announced
Generally speaking, inheritance tax (IHT) is charged only on transfers of value by individuals and trusts. However, to prevent avoidance of the tax, the charge is extended to participators in close companies where:•a close company makes a transfer of value, or•the share capital or loan capital of a