½Û×ÓÊÓƵ

Property income for individuals ― overview

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance

Property income for individuals ― overview

Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
imgtext

Property income ― the tax charge

The charge to UK income tax applies to the profits of both a UK and an overseas property business, and a property business is one that generates income from land such as rents or licences paid to occupy the land.

A UK resident person (ie an individual or trustee) is subject to income tax on the profits of both their UK and overseas property businesses. A non-UK resident person (ie an individual, trustee or, prior to 6 April 2020, a non-UK resident company investing in property) is only subject to income tax on the profits of their UK property business

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+â„¢
Powered by
  • 20 Feb 2025 12:41

Popular Articles

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more Read more

Gilts

Gilts‘Gilts’ are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt

14 Jul 2020 11:48 | Produced by Tolley Read more Read more

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

14 Jul 2020 15:34 | Produced by Tolley Read more Read more