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Property rental income is generally assessable as property income (¶7000+). However, certain receipts may be treated as trading income where they are ancillary to an existing trade and arise...
Expenditure will be deductible if it is incurred wholly and exclusively for the purposes of the trade. There can be no duality of purpose (but see ¶3370 for the ability to apportion). The only...
Specifically excluded from long life asset treatment are: - cars; and - plant and machinery used wholly or mainly in a building used as an office, showroom, hotel, retail shop or dwelling house. Ships...
The principles discussed at ¶3355 - ¶3685 also apply to property businesses. In addition, where a rental property is temporarily empty (for example, between tenancies), expenditure incurred...
Where a trader receives rental income from the letting of surplus business accommodation, this may be included in the trading profit calculation. This is only possible where the: - accommodation...
The following table provides a summary of the benefits which are not taxable on any employee. General area Specific benefit Basic conditions Reference ¶¶ Trivial benefits Any, other than cash...
Living accommodation is not specifically defined but is taken to mean all kinds of residential accommodation with the exception of overnight accommodation, a stay in a hotel room, or board and lodging....
An accommodation tie means that: - the individual has a place to live in the UK; - that place is available for a continuous period of 91 days or more during the tax year; and - the individual...
Remuneration Detail Earnings for Class 1 NIC purposes Taxable Wages, salary, overtime and bonuses ✓ ✓ Inducement payments (¶26480+) ✓ ✓ Restrictive covenant payments subject to income...
With effect from 6 April 2015, capital gains tax applies to disposals of UK residential property interests by non- residents. - A residential property interest is, broadly, land which consists...