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Landlords Urged To File Tax Returns By HMRC

Landlords Urged To File Tax Returns By HMRC

As the landlord tax season counts down to the January 31, 2016 filing date, HM Revenue & Customs (HMRC) has published a guide to self-assessment for property investors. HMRC wants to remind landlords that tax is due on any profits made from letting property. The warning follows the issue of statistics showing 10,000 landlords have ...
Gifted Deposits Trigger CGT Problems For Landlords

Gifted Deposits Trigger CGT Problems For Landlords

Working out the capital gains tax value of a buy to let home with a gifted deposit is fraught with problems for property investors. Some buy to let lenders encouraged developers to offer gifted deposit and were happy that the measure lifted the loan-to-value. But investors with highly leveraged properties who pay income tax at 40% or more ...
Accidental Landlords Will Face Tougher Buy To Let Rules

Accidental Landlords Will Face Tougher Buy To Let Rules

Buy to let landlords may find raising a mortgage harder as lenders prepare to enforce tough new borrowing rules. The countdown to the start of the European Mortgage Credit Directive has begun as some banks and building societies plan to impose the measure early – even though the official start date is not until March 21, 2016. The directive ...
New Housing And Planning Bill Proposes Abandonment Shake Up

New Housing And Planning Bill Proposes Abandonment Shake Up

The proposed Housing and Planning Bill got its first reading earlier this month. The parts summarised below only apply to England. Banning Order The Bill proposes that the First Tier Tribunal would be able to make a “banning order” if a landlord or letting agent was convicted of some prescribed offence. As a result the person would be banned
Judge Clarifies How To Claim CGT Property Tax Reliefs

Judge Clarifies How To Claim CGT Property Tax Reliefs

Property investors often ask how long they have to live in a home for capital gains tax reliefs to apply – and now the answer has been signalled by tax judges. The question arises because property investors can reduce their capital gains tax bills by applying private residence relief and lettings relief if they can prove the home they are ...
The New Dividend Allowance And Landlords

The New Dividend Allowance And Landlords

Landlords could be forgiven for thinking Chancellor George Osborne is cracking down on the amount of tax they pay. In the furore over mortgage interest relief and the new wear and tear allowance, landlords with companies may have overlooked the new dividend allowance that comes in from April 2016. Heralded as a tax free allowance, the final ...
Buy To Let Gripped By Uncertainty, Say Lenders

Buy To Let Gripped By Uncertainty, Say Lenders

The future of buy to let is uncertain for property investors due to concerns about tighter borrowing controls and changes to landlord taxes, according to lender trade body The Council of Mortgage lenders. Publishing a new study releasing a stack of new data about buy to let for the first time, the CML voiced the fears of banks and building ...
Buy To Let Is Far From Booming, Argue Lenders

Buy To Let Is Far From Booming, Argue Lenders

Buy to let lenders have kicked off a campaign with new statistics that reveal the private rental sector may not be enjoying a boom time but may face an uncertain future due to new borrowing restrictions and taxes. Trade body The Council of Mortgage Lenders (CML) speaks for more than 90% of buy to let lenders and has released a study that ...
Does A Deposit Cheque Have to Be Presented to Be Returned?

Does A Deposit Cheque Have to Be Presented to Be Returned?

Where a tenancy deposit has been paid in connection with an assured shorthold tenancy and in order to be able to serve a section 21 notice, the deposit must have been protected - normally within 30 days. Where this is not the case, the only way to be able to serve a section 21 is by repaying the deposit in full or agreeing deductions before ...
Consenting To Carrying On A Home Business

Consenting To Carrying On A Home Business

Sometimes we get questions on the helpline about giving a tenant consent to operate a business from their rented home. This can be tricky because the landlord does not want to inadvertently give the the tenant a business tenancy that could be caught by Part 2 of the Landlord and Tenant Act 1954. A tenancy under those provisions can - in ...