How to Avoid Property Tax

by Carl Bayley BSc ACA

Contents of How to Avoid Property Tax

Chapter 1 What is Property Tax?
1.1 Knowing Your Enemy
1.2 What Taxes Face a Property Investor?
1.3 Which Taxes Are Most Important?
1.4 How Does Property Tax Compare with Tax on Other Types of Income?
1.5 What about Capital Taxes?
1.6 Dealing with Revenue and Customs

Chapter 2 What Kind of Property Investor Are You?
2.1 Introduction
2.2 Does it Matter What Kind of Property You Invest In?
2.3 Property Investment (or Property Letting)
2.4 Property Development
2.5 Property Trading (or Property Dealing)
2.6 Property Management
2.7 Casual Property Income
2.8 Advantages and Disadvantages of Investment or Trading
2.9 The Boundary Between Investment and Trading
2.10 ‘Mixed’ Property Businesses
2.11 Other Property-Based Trades
2.12 Husbands, Wives and Civil Partners
2.13 Joint Ownership & Property Partnerships

Chapter 3 How to Avoid Income Tax
3.1 Introduction to Income Tax
3.2 Basic Principles of Income Tax
3.3 Income Tax Rates
3.4 Calculating the Income Tax Due
3.5 Tax Returns
3.6 Registering a New Property Business
3.7 Non-Residents, etc
3.8 Claiming Deductions
3.9 Administrative Expenses
3.10 Capital Allowances

Chapter 4 Avoiding Income Tax on a Property Investment Business
4.1 The Taxation of Rental Income
4.2 Deductible Expenditure
4.3 When is a Property a Rental Property?
4.4 Interest and Other Finance Costs
4.5 Legal and Professional Fees
4.6 Repairs and Maintenance
4.7 Training and Research
4.8 Capital Allowances for Letting Businesses
4.9 Furnished Lettings
4.10 Rent-a-Room Relief
4.11 Rental Losses
4.12 Other Property Investment Income
4.13 Lease Premiums
4.14 Overseas Lettings
4.15 Non-Commercial Lettings

Chapter 5 How to Avoid Tax on a Property Trade
5.1 The Taxation of Property Trading Income
5.2 Properties as Trading Stock
5.3 Work-in-Progress & Sales Contracts
5.4 Accounting Date
5.5 National Insurance
5.6 Trading Deductions: General
5.7 Trading Deductions: Specific Areas
5.8 Capital Allowances for Property Trades
5.9 Property Management Trades
5.10 Trading Losses

Chapter 6 How to Avoid Capital Gains Tax
6.1 The Importance of Capital Gains Tax
6.2 The Development of Capital Gains Tax
6.3 Who Pays Capital Gains Tax?
6.4 Capital Gains Tax Rates
6.5 What is a Capital Gain?
6.6 When Does a Capital Gain Arise?
6.7 Husbands, Wives and Civil Partners
6.8 The Amount of the Gain
6.9 Proceeds
6.10 Base Cost
6.11 Base Cost – Special Situations
6.12 Capital Gains Tax Reliefs
6.13 The Principal Private Residence Exemption
6.14 Private Letting Relief
6.15 Planning with Principal Private Residence Relief
6.16 Gardens and Grounds
6.17 Delays in Occupying a New Home
6.18 Temporary Absences
6.19 Dependent Relatives
6.20 Properties Held in Trust
6.21 What is a Residence?
6.22 Second Homes
6.23 Homes Abroad
6.24 Job-Related Accommodation
6.25 What if Part of Your Home is Not Private?
6.26 Letting Out Part of Your Home
6.27 Using Part of Your Home for Business Purposes
6.28 Entrepreneurs’ Relief
6.29 The Annual Exemption
6.30 When is Capital Gains Tax Payable?
6.31 What Must I Report to HM Revenue & Customs?
6.32 Jointly Held Assets
6.33 Capital Losses
6.34 Leases

Chapter 7 Other Taxes to Watch Out For
7.1 Stamp Duty – Introduction
7.2 Stamp Duty Land Tax
7.3 Who Pays Stamp Duty Land Tax?
7.4 Market Value and Mortgages
7.5 Linked Transactions
7.6 Stamp Duty Land Tax on Leases
7.7 Disadvantaged Areas
7.8 Fixtures and Fittings
7.9 Zero-Carbon Housing
7.10 First-Time Buyers
7.11 Stamp Duty on Shares
7.12 VAT – Introduction
7.13 VAT on Residential Property
7.14 VAT on Commercial Property
7.15 VAT on Property Management
7.16 Interaction of VAT with Other Taxes
7.17 National Insurance

Chapter 8 Advanced Tax Planning
8.1 Introduction to Tax Planning
8.2 The Benefits of Joint Ownership
8.3 Using Your Spouse or Civil Partner
8.4 Have Your Cake and Eat it
8.5 Marriage, Divorce and Civil Partnerships
8.6 Inherited Property
8.7 Tax-Free Property Transfers
8.8 Why ‘Let to Buy’ Beats ‘Buy to Let’
8.9 Climbing the Ladder
8.10 General Elections
8.11 Developing Your Home
8.12 Something in the Garden
8.13 Student Loans
8.14 Using a Trust to Get Extra Principal Private Residence Relief
8.15 Furnished Holiday Lettings
8.16 Tax-Free Holiday Homes
8.17 Hotels and Guest Houses
8.18 Entrepreneurs’ Relief on Investment Property
8.19 Enterprise Investment Scheme Shares
8.20 Sweet Shop Companies
8.21 Emigration
8.22 Flat Conversion Allowances
8.23 The Tender Trap: The Benefits and Pitfalls of Re-Mortgaging
8.24 Non-Domiciled Investors
8.25 Using Lease Premiums to Generate Tax-Free Receipts
8.26 The Rental Loss – Capital Gain Dilemma
8.27 Winding Down Gracefully
8.28 Commercial Developments in Assisted Areas
8.29 Rollover Relief
8.30 Year End Tax Planning
8.31 Using Your Basic Rate Band to Save Capital Gains Tax

Chapter 9 Planning With More Complex Structures
9.1 Using a Property Company to Save Tax
9.2 Partnerships
9.3 Limited Liability Partnerships
9.4 Property Syndicates and Special Purpose Vehicles
9.5 Pension Schemes
9.6 Other Ways to Invest in Property

Appendix A: Tax Rates and Allowances

Appendix B: Indexation Relief Rates

Appendix C: Short Leases

Appendix D: The European Union & The European Economic Area

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