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UK Property Tax Q&A

Find the answers to commonly asked UK property tax-related questions in this handy resource. If you have a question you'd like answered, we invite you to contact us!

Every month your property tax questions are answered by our tax experts. You can have these Q&As as well as other property and tax saving tips emailed directly to your inbox by subscribing to our free monthly newsletter.

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View Questions From: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember 200320042005200620072008

Offseting Property Losses Against The Interest From Savings Accounts! New! (June 2008) Converting two flats into one. (March 2008) What tax implications are there where selling a property that has been gifted to us? (March 2008) What happens after April when taper relief is abolished? (February 2008) Can I increase borrowing to minimise or avoid CGT? (January 2008) Can interest from a main residence be off set against rental income? (January 2008) Can you claim the startup costs of a business before incorporating? (November 2007) If I decide to sell one or more properties then will my losses be offset against any CGT liability? (November 2007) Paying a seller £220k now and the remaining £20k when the property is resold. (October 2007) Should I contact the Revenue myself or wait for them to contact me? (June 2007) Are you involved in buy-to-sell? (June 2007) Can accommodation costs be charged as an expense? (May 2007) Can I transfer my property of £300,000 to someone else for £60,000? (May 2007) How can my partner reduce his CGT on a property that he has never lived in? (May 2007) Can I gift my property to my brother? (May 2007) We have been told to look out for 'city tax' - what exactly is this? (May 2007) Can my daughter sell her flat and buy a 1/4 share in the family home? (May 2007) Can I change my ‘intention’ to help reduce my property tax bill? (April 2007) Do I need to let the Inland Revenue know that I am taking in a lodger? (March 2007) Can I offset a loan from my husband against my rental income? (March 2007) Can all service charges and building improvements be deducted from the rental income? (February 2007) Can I use my annual tax free allowance against my property income in I live in Germany? (February 2007) Can I maximise tax releif by grouping the value of my portfolio together? (January 2007) If my brother-in-law moves out, will he still retain ownership of his share of the property? (January 2007) What is the tax treatment if I move into my previously rented out property? (December 2006) How do you 'gift a property in stages' to use annual CGT exemptions? (November 2006) Can I offset the loss incurred in year two against income earned in year one? (November 2006) Can I offset interest repayments when borrowing money from a relative? (October 2006) Is CGT payable on the disposal of trust assets? (October 2006) Tax Treatment for new and replacement kitchens (September 2006) Can I claim unused CGT for previous years? (August 2006) Can I claim tax relief on drawdown money held in bank account? (August 2006) Can my mother gift the proceeds of sale to her children and live rent-free? (July 2006) Can losses from property income be offset against ‘other income’? (July 2006) Is letting relief restricted to upper limit of £40k per property? (June 2006) My property is part residential and part business. Can I claim PPR relief? (May 2006) Can I offset property losses against my other earned income? (May 2006) Any stamp duty if I swap properties? (May 2006) I am a pensioner, do I still need to pay tax on my property profits? (April 2006) What is the most tax efficient way to take out a mortgage? (April 2006) Must the value of our properties be added together for stamp duty purposes? (March 2006) Can I get 100% tax allowance on the cost of the conversion? (March 2006) What is my inheritance tax liability? (February 2006) Is property now classed as ‘business income’? (February 2006) Is there a limit to the amount that can be claimed as ‘tax relief’? (February 2006) What CGT liability for property that is partly PPR? (January 2006) Can this interest be claimed as a business expense? (January 2006) Can I select a property as my PPR if I haven’t lived in it? (December 2005) Is there a difference when offsetting interest in a ‘repayment’ and an ‘interest only’ mortgage? (November 2005) Can I offset the cost for extending the property lease? (November 2005) Any tax if I keep my rental income in Dubai? (November 2005) How will a Discretionary Trust reduce the IHT liability? (October 2005) Can I avoid CGT by sending sales proceeds to the Isle of Man? (October 2005) What is Private Letting Relief? (September 2005) Do I pay CGT if I build two apartments within my PPR residence? (September 2005) Can we save tax by buying in our children’s names? (September 2005) Can I lease my commercial property to my ltd company to save tax? (September 2005) I helped out my penniless brother – but will I be able to avoid CGT? (August 2005) How can I transfer to my children and avoid CGT? (August 2005) Selling a house below market value and trying to avoid taxes (July 2005) What is the tax situation for claiming interest relief on ‘offset mortgages’? (July 2005) Should I complete a self-assessment form if I am making a rental loss? (July 2005) Can I offset pensionable income against property profits? (July 2005) Can I offset costs incurred for a property I never purchased? (June 2005) Will I pay Capital Gains Tax or Income Tax? (June 2005) Will rent-a-room relief impact my planned purchase of a Buy-to-let property? (June 2005) Avoiding tax when converting a property into two dwellings? (June 2005) Can interest incurred in financing a development be allowed against the subsequent letting income? (June 2005) Will this tax saving strategy work? (June 2005) Is there CGT due on a property purchased for my mother? (May 2005) Can I buy property for a child under the age of 18? (May 2005) How do I handle the refurbishment costs I incurred? (May 2005) Can I offset rental losses against other partners income? (May 2005) Any tax if I sell land that forms part of garden? (April 2005) Can my client re-arrange his affairs to offset interest? (April 2005) Do I still pay tax if I am renting to a family member? (April 2005) If I die will IHT be due immediately? (April 2005) How do I minimise my children's IHT on a property, whilst continuing to own it during my lifetime? (March 2005) Can I gift my property to my son and avoid tax? (March 2005) Can I set-up a company and claim back VAT? (March 2005) I’m looking for property overseas – can I offset the travelling cost? (March 2005) How long before we can jointly benefit from the CGT allowance? (February 2005) Can I split the profits without changing the ownership? (February 2005) What tax implications if I buy my mothers house at 25% below market value? (February 2005) Ltd Company or Sole Trader? (February 2005) Transferring property to your children (February 2005) What tax if I immediately sell an inherited property? (February 2005) When do I pay my tax if I have sold a property? (January 2005) Can we merge our portfolio and split the income 50:50? (January 2005) How to amend previously submitted tax returns? (January 2005) Re-Investing profits within a Company (January 2005) Tax implications of transferring property into joint ownership. (January 2005) Is it worth my property company being registered for VAT? (December 2004) How will a cash back offer affect my future CGT? (December 2004) How do I handle general portfolio costs? (December 2004) Can I bring my undeclared loss forward? (December 2004) Be careful about misusing the ‘Private Residence Relief’ (November 2004) When do I start paying tax? (November 2004) I rent storage, can I offset the costs? (November 2004) Can I claim my costs for re-mortgaging? (November 2004) Ooops I’ve destroyed my paperwork and receipts (October 2004) I’ve come clean to the Inland Revenue, but what now? (October 2004) How can I pass on my property portfolio to my children? (October 2004) Are these costs I incurred of a 'capital' or 'revenue' nature? (October 2004) Did you know about paragraph 45700? (September 2004) Switching between 10% Wear & Tear Allowance and 'Renewals' (September 2004) Should I declare my rental losses? (August 2004) How can I avoid Inheritance Tax? (August 2004) Do I need to have Receipts? (July 2004) Can I offset costs if I have lived in the property? (July 2004) Can I claim PPR on both properties? (June 2004) Reinvesting profits to save tax (May 2004) Using your CGT allowance on sale of a new build (May 2004) Carrying forward and offsetting property losses (April 2004) 2004 budget and property partnerships (April 2004) Don't forget about offsetting pre-trading expenditure costs! (March 2004) Watch out for stamp duty when transferring property (March 2004) Remortgaging a property after having bought it with cash (February 2004) Using a Ltd Company to give yourself a tax-free pension! (February 2004) Offsetting interest charged on credit cards (January 2004) Offsetting the cost of a £5,000 property seminar. (January 2004) How long in a property before I get Private Residence Relief? (December 2003) Being eligible for Private Residence Relief (December 2003) Declaring a non 50:50 property ownership split. (November 2003)

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