How to Save Property Tax 2023/24

By Carl Bayley BSc FCA

How to Save Property Tax is widely regarded as the tax bible for property investors. Written in plain English with numerous easy to follow examples, this guide tells you absolutely everything you need to know about paying less income tax, capital gains tax and stamp duty land tax on your property investments.

We launched How to Save Property Tax in 2002 and have been updating and expanding it ever since.

Revised in January 2024, the guide is completely up to date with all the latest tax changes announced in the November 2023 Autumn Statement and previous Budgets.

It's essential reading for:

• ALL property investors and landlords
• Second home owners
• Those renovating or developing property
• ALL letting agents, accountants, solicitors and professional advisors

For those selling property the guide tells you absolutely everything you need to know about capital gains tax, including numerous tried and tested tax planning techniques.

For landlords faced with rising interest costs, the guide shows you how to maximise the tax relief on your mortgage interest payments.

What Information is Contained in the Guide?

Subjects covered include:

Paying Less Income Tax

• ALL the expenses landlords can claim against their rental income.
• Additional detailed analysis of the tax relief restriction for interest costs (the wretched Section 24).
• Further, and very welcome, delays to the introduction of Making Tax Digital, and reductions in its scope.
• How to claim repairs spending that a layperson would think are improvements.
• How to maximise your claims for replacement furniture, fittings, equipment, etc.
• How to get more tax relief for bad debts.
• Expanded, clearer sections on all the administrative expenditure you can claim.
• How to claim a big home office tax deduction.
• How to deduct the cost of seminars, courses and books (like this one!).
• How to get the taxman to pay towards your travel costs including flights, hotels and restaurants.
• Motoring expenses landlords can claim.
• The tax planning benefits of using the cash basis.
• Tax planning for those involved in property development.
• Everything you need to know about the tax treatment of furnished holiday lets.
• How to amend previous tax returns if you’ve forgotten to claim expenses.

Capital Gains Tax (CGT)

• A plain English guide to how capital gains tax is calculated.
• Guidance on when property capital gains might be subject to income tax instead of CGT.
• Detailed, updated information on the benefits of transferring property to a spouse or buying in joint names.
• A new section showing how unmarried joint owners (couples, siblings, parents and children) can save thousands in tax.
• How to use your children to save thousands in capital gains tax.
• Everything you need to know about principal private residence relief and private letting relief.
• How to use the temporary periods of absence rules to make massive savings.
• How to use main residence elections to reduce or even eliminate the CGT on second homes.
• A new section on part disposals, including how one taxpayer saves over £20,000!
• How to use a trust to get extra tax-free capital growth on residential property.
• A new section no-one wants to use: how a spouse’s death can save thousands in capital gains tax.
• The benefits and pitfalls of lease premiums.
• How to reduce capital gains tax on furnished holiday lets.
• Paying capital gains tax: new 60-day reporting system explained.

Stamp Duty Land Tax , VAT & Other Taxes

• A plain English guide to all the stamp duty issues facing property investors.
• The deadline for enjoying the stamp duty cuts introduced in September 2022, now made temporary by Jeremy Hunt.
• When non-residential rates of SDLT will produce an overall saving compared with the alternative residential rates.
• Examples showing the increased benefit of multiple dwellings relief for properties purchased after September 2022.
• How to transfer property into a partnerships to save SDLT on transfers to your spouse or other relatives.
• Guidance on the devolved taxes in Scotland and Wales (including the increased 6% additional rate in Scotland).
• How landlords can secure state pension entitlement without paying significant national insurance.
• VAT planning for commercial property, conversions, renovations and listed buildings.

All in all, this guide tells you pretty much everything you need to know about tax if you are a landlord, second home owner, or own any other type of property business.

Click here to read the full contents listing and first section of the book