Taxation

Principal Regulations

NB: All landlords of UK property are obliged to include the income and expenses in their annual Self Assessment Tax Return (except a very small number who have received a letter from the Inland Revenue saying that a tax return is not needed). In addition UK residents are subject to Capital Gains Tax on any gain made on the sale of a property subject to the extensive relief’s and exemptions available. There are generous allowances and relief’s if you have lived in the property at any time. Special rules apply to non-resident landlords for both income tax and Capital Gains Tax, and in certain circumstances they can be exempt from Capital Gains Tax. Special rules, rather less attractive, exist for companies owning property.

The taxation of individuals and of companies is a complicated subject that can never be exhaustively reviewed in a forum such as this, which may be considered a rough guide only. Furthermore, tax law and its interpretation changes frequently. Accordingly you should not rely upon the foregoing in connection with your taxation affairs. You should always seek professional advice specific to your own circumstances. The writer cannot be held responsible for any error or omission in the assessment of tax liability arising from reliance on the above.