Taxation magazine queries ― property income

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

The following guidance note provides details of queries raised on property income in the last few years in the Readers’ Forum section in Taxation magazine with a link to the full replies. It should be noted that the response to the queries is at a point in time and all relevant legislation should be confirmed as being currently applicable.

Will cottages / glamping / chalets be treated as a trade post FHL abolition?

My client has a family-run farm with a vibrant tourist offering which developed after the coronavirus (COVID-19) lockdown. This includes cottages, camping / glamping facilities, cycling, tours of the farm including the environmental projects and trekking. They are aware of the Spring Budget and of the possible abolition of the furnished holiday let (FHL) tax advantages which is due to go into the next Finance Bill. We must therefore look at the tax treatment of the trade of tourism. The cottages, chalets and glamping units are part of the trading operation and similar to a hotel with stays of only a couple of

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Trusts and Inheritance Tax

Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more

Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

��Ӱ��