Owner-Managed Businesses Guidance

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Property businesses

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Latest Guidance
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28 Jun 2019

OutlineFor income tax purposes, all rental income from UK property is pooled and taxed as a ‘UK property business’ under the provisions of ITTOIA...

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28 Jun 2019

OutlineWhen a property investor grants a lease, the tenant may pay an up-front sum, a premium for the initial grant of the lease, in addition to also...

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28 Jun 2019

OutlineA ‘company with investment business’ is, as the name suggests, a company whose business consists wholly or partly of making investments (see...

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28 Jun 2019

OutlineFor income and capital gains tax purposes, partnerships are regarded as being tax transparent ― ie they are not taxed in their own right but...

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28 Jun 2019

Loan relationship rulesSince the introduction of Finance Act 1996 (subscription sensitive), interest payments for a limited company fall under the...

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28 Jun 2019

Upon assignment (ie disposal), the party who has occupied property under a lease will have a capital gains disposal of his interest in the property....

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27 Jun 2019

Income tax rulesNormal rulesProperty business losses cannot usually be offset against the individual’s other income and gains for the year. ITA 2007,...

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27 Jun 2019

OutlineFrom 2017/18, the default method of calculation of property business profits is a simplified cash basis for small unincorporated property...

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27 Jun 2019

OutlineProperty income can come in many forms, primarily rent and lease premiums. The taxation of lease premiums is dealt with in the Lease premiums...

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27 Jun 2019

General itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading. Provisions for...

Latest Guidance
OMB_tax_img7
Owner-Managed Businesses

OutlineFor income tax purposes, all rental income from UK property is pooled and taxed as a ‘UK property business’ under the provisions of ITTOIA 2005, Part 3. For...

OMB_tax_img2
Owner-Managed Businesses

OutlineWhen a property investor grants a lease, the tenant may pay an up-front sum, a premium for the initial grant of the lease, in addition to also paying rent over the...

OMB_tax_img4
Owner-Managed Businesses

OutlineA ‘company with investment business’ is, as the name suggests, a company whose business consists wholly or partly of making investments (see CTA 2009, s 1218B)....

OMB_tax_img8
Owner-Managed Businesses

OutlineFor income and capital gains tax purposes, partnerships are regarded as being tax transparent ― ie they are not taxed in their own right but instead taxation is...

OMB_tax_img8
Owner-Managed Businesses

Loan relationship rulesSince the introduction of Finance Act 1996 (subscription sensitive), interest payments for a limited company fall under the loan relationship...

OMB_tax_img5
Owner-Managed Businesses

Upon assignment (ie disposal), the party who has occupied property under a lease will have a capital gains disposal of his interest in the property. There is no deemed...

OMB_tax_img9
Owner-Managed Businesses

Income tax rulesNormal rulesProperty business losses cannot usually be offset against the individual’s other income and gains for the year. ITA 2007, ss 118–120Instead...

OMB_tax_img8
Owner-Managed Businesses

OutlineFrom 2017/18, the default method of calculation of property business profits is a simplified cash basis for small unincorporated property businesses with receipts...

OMB_tax_img3
Owner-Managed Businesses

OutlineProperty income can come in many forms, primarily rent and lease premiums. The taxation of lease premiums is dealt with in the Lease premiums guidance note.All...

OMB_tax_img6
Owner-Managed Businesses

General itemsMany of the principles applying to allowable expenses for property businesses are similar to those that apply for trading. Provisions for the computation of...