The OTS has published an online survey and call for evidence seeking views from individual landlords and small businesses as well as professional advisers and representative bodies on potential simplification of the tax treatment of property income.
The call for evidence aims to identify aspects of property income taxation that are particularly complex and to elicit suggestions for improvements. As set out in the OTS’s scoping document, the review will focus on the tax treatment of individuals and partnerships or micro-companies which derive income from residential property.
The consultation covers four areas:
Structural: issues arising as a result of the different treatment of property income compared to other sources of income.
Operational: including cash basis vs accruals basis, the operation of reliefs and exemptions, and availability and clarity of official guidance.
Administrative and compliance: including the role of letting agents in the compliance process, and general awareness of making tax digital ahead of the April 2024 launch.
Non-UK issues: areas of concern for non-resident landlords and for UK residents receiving property income from overseas.
The OTS has published an online survey and call for evidence seeking views from individual landlords and small businesses as well as professional advisers and representative bodies on potential simplification of the tax treatment of property income.
The call for evidence aims to identify aspects of property income taxation that are particularly complex and to elicit suggestions for improvements. As set out in the OTS’s scoping document, the review will focus on the tax treatment of individuals and partnerships or micro-companies which derive income from residential property.
The consultation covers four areas:
Structural: issues arising as a result of the different treatment of property income compared to other sources of income.
Operational: including cash basis vs accruals basis, the operation of reliefs and exemptions, and availability and clarity of official guidance.
Administrative and compliance: including the role of letting agents in the compliance process, and general awareness of making tax digital ahead of the April 2024 launch.
Non-UK issues: areas of concern for non-resident landlords and for UK residents receiving property income from overseas.
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