Residential Property Tax Changes

Cheryl Whitton and Sandi Drummond from our specialist property tax team are looking forward to exhibiting at The Agency Business conference in Glasgow tomorrow – Thursday 18 May 2017. Pop over and say hello to our team at stand 5 if you are attending.

Individuals who own and let property are now facing significant changes to the way in which their rental income is taxed and also to the deductions they can make from their rents. There are also new increases in certain allowances and additional surcharges due on the purchase of second homes so we would advise you to review your position now to make sure your investments are still viable.

We have prepared factsheets on each of the following topics to illustrate the changes and how they may affect you:

• Restricting Loan Interest Relief for Landlords
• Replacement of Domestic Items Relief
• Rental Property – Allowable Expenses
• Land & Buildings Transaction tax – Additional Dwellings Supplement (ADS)
• Incorporating your Property Business
• Annual Tax on Enveloped Dwellings (ATED)
• Rent-a-Room Scheme
• IHT – Main Residence Nil Rate Band
• All Factsheets

Please contact us by clicking on the headings above to request a factsheet.

If you would like to discuss your individual situation please contact our specialist property tax team on property@eqaccountants.co.uk.