Income from land and property

Walter Sinclair and Barry Lipkin

Chapter Chapter 7 in St. James’s Place Wealth Management Tax Guide 2012–2013, 2012, pp 41-51 from Palgrave Macmillan

Abstract: Abstract The amount of income that you derive during the tax year from letting property such as a house, flat, factory or shop, less the deductions you may claim represent your net income from letting property and must be shown separately on your tax return. You must return your gross property income including certain lease premiums and also give full particulars of your expenses. If up to 5 April 1995 the income was derived from furnished lettings then the assessment was under Schedule D Case VI (15.1); otherwise it was generally under Schedule A. From that date to 31 March 2009, Case VI on furnished lettings only continued for corporation tax purposes. From 6 April 1995, all property income is pooled and was assessed under Schedule A. This includes income from furnished lettings. Initially, the rules only related to income tax and not corporation tax, but broadly similar rules applying to corporation tax operated from 1 April 1998 to 31 March 2009 (FA 1998 Ss38–41 & Sch 5). From 6 April 2005, the legislation has been consolidated into ITTOIA (2.10.1), mainly in Ss260–364. At the same time the classification as Schedule A income changed to ‘property income’ (2.10), but overseas property income is dealt with on the ‘foreign pages’ of your self-assessment return.

Keywords: Real Estate Investment Trust; Property Income; Property Business; Maximum Credit; Capital Allowance (search for similar items in EconPapers)
Date: 2012
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DOI: 10.1057/9781137290809_7

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