Contact Us

288 Oxford Road, Gomersal
Cleckheaton, BD19 4PY

Search News


Income excluded from UK property business

Source: HM Revenue & Customs | | 02/09/2021

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in their own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be taxed as income of a trade and not as property income.

In addition, there are certain receipts that can arise out of the use of land, and which are specifically excluded by statute from a rental business. These include yearly interest, income from the occupation of woodlands managed on a commercial basis, income from mines and quarries and income from farming and market gardening.

There is also a £1,000 property income allowance that applies to income from property (including foreign property). If a taxpayer’s annual gross property income is £1,000 or less the amount is exempt from tax and does not need to be reported on a tax return.



 

Latest News

Self-Assessment filing deadlines
21/10/2021 - More...
The 2020-21 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2021. The tax deadline

Claiming tariff quotas to reduce import duties
21/10/2021 - More...
Tariff quotas are a special mechanism for importing limited supplies of specific goods at a lower rate of customs duty

Transport restrictions eased
21/10/2021 - More...
The government has announced plans to introduce a temporary extension to road haulage cabotage rules to alleviate

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the Newsletter
» Login

Copyright © 2021 - Calvert Dawson

Cookie Policy | Privacy Policy

           ICAEW-White                       

 

Save

Save