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Tax Breaks with a Family Home

A Tips & Advice book about... 

In a nutshell

This book is all you need to save tax with your home. It's full of realistic strategies to take advantage of the tax breaks linked to the family home. It provides concise advice to safely navigate your way through all the rules and regulations. Plus we've included several case studies that show how to save tax in real life situations.

In detail

Whether you work from home or rent out a room, special rules apply. This book covers the full range of property ownership scenarios in relation to:

  • Income tax
  • Capital gains tax and principal private residence relief
  • Reclaiming VAT
  • Inheritance tax
  • Stamp duty land tax

Tax potentially affects home ownership more than any other possession. Given the value of a home, there can be a huge amount of tax at stake. This book ensures that you don't overlook any tax breaks. Full of legitimate tax-saving strategies, it helps you take full advantage of the available breaks and avoid any traps.

We've created this Tips & Advice book especially for... 

Property owners that want to:

  • Know how to use all the tax breaks linked to the family home and avoid the traps

Tax advisors and accountants that want to:

  • Know how to help their clients take advantage of the tax-saving opportunities linked to the family home

You'll get the following free extras with this Tips & Advice book... 

An Online Service with ready-to-use documents

  • To immediately apply our advice and solutions in practice
  • That you can easily adapt to suit your own requirements

In this Tips & Advice book you'll read about...

Table of contents

Introduction

Part 1 - Income tax

1. Letting a second property

1.1. Taxation of rental income

1.2. What can you claim as expenses?

1.3. Shared ownership

2. Renting out part of your own home

2.1. Rent-a-room relief

2.2. Property income allowance

3. Running a business from home

3.1. Introduction

3.2. Apportionment of expenses

3.3. Fixed deductions for home running costs

3.4. Business partners

4. The employee or company director

4.1. HMRC’s tax-free allowance

4.2. Where no homeworking allowance is paid

4.3. Renting a room to your company

5. The holiday home

5.1. Furnished holiday let

Part 2 - Capital gains tax

6. The family home

6.1. PRR basic planning

6.2. When is PRR reduced?

6.3. Periods of absence

6.4. Can you claim relief for more than one main residence?

6.5. Extending PRR beyond the walls

6.6. Use of the property other than as a residence

6.7. Relief for letting

6.8. Divorce and the family home

7. Furnished holiday lets

7.1. Basic capital gains calculation

7.2. Rollover relief

7.3. Gift holdover relief

7.4. Entrepreneurs’ relief

Part 3 - VAT

8. Homes and VAT

8.1. Building a new home or converting a non-residential building

8.2. Converting a building

8.3. Converting non-residential to a dwelling: DIY scheme

9. Working from home

9.1. Reclaiming VAT on household expenses

9.2. Homeworking as a director or employee

9.3. Partners and partnerships

10. Letting a second home

10.1. What is holiday accommodation?

10.2. Differences between ordinary and holiday letting?

10.3. When can or must you register for VAT?

10.4. What are the pros and cons of registering?

10.5. Off season letting

10.6. Selling holiday accommodation

10.7. Longer term letting of a second home

Part 4 - Inheritance tax

11. IHT and your home

11.1. Introduction

11.2. Inheritance tax on death

11.3. Main residence nil rate band (MRNRB)

11.4. Inheritance tax on lifetime gifts

11.5. Giving away the family home - catches

11.6. Pre-owned assets charge

11.7. Tax-free lifetime gifts

11.8. Debt schemes

11.9. Buying homes for your children

11.10. IHT saving - property sharing options

11.11. IHT planning and equity release

11.12. Furnished holiday lettings

11.13. Paying IHT on homes

Part 5 - Stamp duty land tax

12. Buying your home

12.1. Rates of SDLT

12.2. Reducing the SDLT due

12.3. Fittings and furnishings - pitfall?

12.4. SDLT on gifts

12.5. The marital home and marriage breakdown

12.6. Converting a property

12.7. Paying SDLT

12.8. Land and buildings transaction tax (LBTT)

Part 6 - Case studies

Part 7 - Appendices

Appendix 3. Option to tax

Appendix 4. Paying inheritance tax by instalments

Part 8 - Documents

Schedule of capital costs

Nominating a main residence election

Homeworking policy

Licence agreement

Rollover relief claim

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