Averaging election

Commentary – Tax Reporter ¶303-170 ; Tax Reporter ¶303-190
HMRC Guidance – PIM4110

Business consisted mainly of making or holding investments

Appellant permitted to give oral evidence

Case Law – Green [2015] TC 04427

Relevant business property

Case Law – Green [2015] TC 04427

Business property relief, deceased's share of property

Case Law – Revenue and Customs Commissioners v Lockyer & Anor (personal representatives of Pawson dec'd). [2013] BTC 1,605

Capital allowances

EEA furnished holiday lettings

Legislation/Regulatory – CAA2001 s. 13B(5), 17A, 17B, 250A ; CTA2009 s. 269A ; ITTOIA2005 s. 328A

Generally

Legislation/Regulatory – ITTOIA2005 s. 27

Giving effect to allowances and charges

Commentary – Tax Reporter ¶236-080
Legislation/Regulatory – CAA2001 s. 249
HMRC Guidance – CA29320

Plant and machinery, use for other purposes

Legislation/Regulatory – CAA2001 s. 13B

Qualifying activities

Commentary – Tax Reporter ¶236-150–Tax Reporter ¶236-175 ; Tax Reporter ¶236-255

Qualifying activity

Legislation/Regulatory – CAA2001 s. 17
HMRC Guidance – CA20025 ; PIM3040

Capital gains tax

Legislation/Regulatory – TCGA92 s. 241, 241A

Chargeable gains

Qualifying loans

Commentary – Tax Reporter ¶511-200
HMRC Guidance – CG65956

Reliefs available

Commentary – Tax Reporter ¶303-110
HMRC Guidance – CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock

Commercial letting

Commentary – Tax Reporter ¶1017-800 ; Tax Reporter ¶303-140 ; Tax Reporter ¶711-760
HMRC Guidance – BIM90010 ; NIM24521 ; NIM24523
Case Law – Brown v Richardson (HMIT) ; Pegler v. Abell (H.M. Inspector of Taxes) ; Walls v Livesey (HMIT)

Commercial letting, meaning

Legislation/Regulatory – ITTOIA2005 s. 323

Conditions not achieved despite genuine intention to do so

Commentary – Tax Reporter ¶303-190 ; Tax Reporter ¶711-795
HMRC Guidance – PIM4110

Conditions to be satisfied

Commentary – Tax Reporter ¶303-130

Corporation tax

Averaging election

Commentary – Tax Reporter ¶711-785

Capital allowances

Legislation/Regulatory – CTA2009 s. 269
HMRC Guidance – CG73500

Commercial letting

Commentary – Tax Reporter ¶711-745 ; Tax Reporter ¶711-760
Case Law – Brown v Richardson (HMIT) ; Walls v Livesey (HMIT)

Commercial letting of, meaning

Legislation/Regulatory – CTA2009 s. 265, 748(5)
HMRC Guidance – PIM4110

Conditions not achieved despite genuine intention to do so

Commentary – Tax Reporter ¶711-795

EEA furnished holiday lettings business

Legislation/Regulatory – CTA2009 s. 264(2A), (4), 268(7), 268A, 269A ; CTA2010 s. 67A

EEA lettings

Commentary – Tax Reporter ¶711-800 ; Tax Reporter ¶730-700

Furnished holiday accommodation, meaning

Commentary – Tax Reporter ¶711-775
HMRC Guidance – PIM4110

Generally

Commentary – Tax Reporter ¶711-700

Loss relief

Legislation/Regulatory – CTA2009 s. 269

Losses

Commentary – Tax Reporter ¶711-715 ; Tax Reporter ¶730-700

Non-resident landlords, deduction at source

Commentary – Tax Reporter ¶711-845

Overview

Legislation/Regulatory – CTA2009 s. 264

Profits

Commentary – Tax Reporter ¶711-715

Qualifying holiday accommodation, meaning

Commentary – Tax Reporter ¶711-775
Legislation/Regulatory – CTA2009 s. 267
HMRC Guidance – PIM4110

Relevant period, meaning

Legislation/Regulatory – CTA2009 s. 266

Rental income v trade profits

Commentary – Tax Reporter ¶711-020
Case Law – (1) SALISBURY HOUSE ESTATE, LTD. v. FRY (H.M. INSPECTOR OF TAXES). (2) CITY OF LONDON REAL PROPERTY COMPANY, LTD. v. JONES (H.M. INSPECTOR OF TAXES).

Separate calculations and apportionments

Commentary – Tax Reporter ¶711-715

Trade or treated as a trade

Commentary – Tax Reporter ¶711-730

Under-used, averaging elections

Legislation/Regulatory – CTA2009 s. 268

Corporation tax relief

Commentary – 4.4.2

EEA furnished holiday lettings business

Capital allowances

Legislation/Regulatory – CAA2001 s. 13B(5), 17A, 17B, 250A ; CTA2009 s. 269A ; ITTOIA2005 s. 328A

Chargeable gains

Legislation/Regulatory – TCGA92 s. 241A

Generally

Legislation/Regulatory – FA2004 s. 189(6A), (6B) ; ITTOIA2005 s. 322(2A), (4), 326(7)

Loss relief

Legislation/Regulatory – CTA2009 s. 269A ; ITTOIA2005 s. 328A

Pension purposes, relevant UK earnings

Legislation/Regulatory – ITTOIA2005 s. 328B

Treated as trade

Legislation/Regulatory – ITA2007 s. 117(2A), 127ZA, 836(3)
HMRC Guidance – SAIM2420

EEA lettings

Generally

Commentary – Tax Reporter ¶303-105 ; Tax Reporter ¶711-800

Giving effect to allowances and charges

Commentary – Tax Reporter ¶236-080

Qualifying activities

Commentary – Tax Reporter ¶236-150 ; Tax Reporter ¶236-175 ; Tax Reporter ¶236-255

Furnished holiday accommodation, meaning

Commentary – Tax Reporter ¶303-150
HMRC Guidance – PIM4110

Generally

Commentary – Tax Reporter ¶303-100 ; CGT and the Private Residence ¶70-115 ; 4.4

History

Commentary – 4.4.1

Income tax relief

Commentary – 4.4.2

Inheritance tax business property relief

Commentary – Tax Reporter ¶664-400
HMRC Guidance – IHTM25278
Case Law – C J Burkinyoung (Executor of Burkinyoung dec'd) v IR Commrs ; COMMISSIONERS OF INLAND REVENUE v. DESOUTTER BROS., LTD. ; COMMISSIONERS OF INLAND REVENUE v. TOOTAL BROADHURST LEE CO., LTD. ; Clark & Anor (Exors of Clark dec'd) v. R & C Commrs ; Farmer & Anor (Executors of Frederick Farmer dec'd) v IR Commrs ; Furness v IR Commrs ; Hall (Executors of Hall dec'd) v IR Commrs ; Martin & Anor (Executors of Estate of Moore dec'd) v IR Commrs ; Piercy v. R & C Commrs ; Powell & Anor (Executors of Pearce dec'd) v IR Commrs ; THE COMMISSIONERS OF INLAND REVENUE v. THE GAS LIGHTING IMPROVEMENT CO., LTD. ; THE COMMISSIONERS OF INLAND REVENUE v. THE KOREAN SYNDICATE, LTD.

Limit on reliefs

Commentary – Tax Reporter ¶260-600
HMRC Guidance – BIM85050

Loss relief

Commentary – Tax Reporter ¶260-075 ; Tax Reporter ¶260-110 ; Tax Reporter ¶260-600 ; Tax Reporter ¶303-110
HMRC Guidance – BIM85050 ; CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock

Loss relief, commercial basis of letting

Case Law – Brown v Richardson (HMIT) (1997) Sp C 129 ; Walls v Livesey (HMIT) (1995) Sp C 4

Losses

EEA furnished holiday lettings business

Legislation/Regulatory – CTA2009 s. 269A ; ITTOIA2005 s. 328A

Generally

Legislation/Regulatory – IRInt. 166 ; ITA2007 s. 127 ; ITTOIA2005 s. 327
HMRC Guidance – CA23087 ; CSLM8520 ; PIM4115 ; PIM4130 ; PIM4150

Pension income

Legislation/Regulatory – ITTOIA2005 s. 328
HMRC Guidance – CG73500

Plant and machinery allowances

Commentary – Tax Reporter ¶236-150–Tax Reporter ¶236-175 ; Tax Reporter ¶303-110
HMRC Guidance – CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock ; McMillin [2011] TC 00943

Profits and losses, treatment

Commentary – Tax Reporter ¶303-110
HMRC Guidance – CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock

Property business loss relief

Legislation/Regulatory – ITA2007 s. 127

Qualifying holiday accommodation

Commentary – Tax Reporter ¶303-150
Legislation/Regulatory – ITTOIA2005 s. 325
HMRC Guidance – PIM4110

Qualifying loans

Commentary – Tax Reporter ¶511-200
HMRC Guidance – CG65956

Relevant period, meaning

Legislation/Regulatory – ITTOIA2005 s. 324

Relevant UK earnings

Legislation/Regulatory – ITTOIA2005 s. 328

Relevant UK earnings for pension purposes

Commentary – Tax Reporter ¶303-110
HMRC Guidance – CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock

Relevant UK individual

Legislation/Regulatory – FA2004 s. 189(2)(bb)
HMRC Guidance – PIM4150

Self-employment

Commentary – Tax Reporter ¶1002-400
HMRC Guidance – NIM23800
Case Law – (1) SALISBURY HOUSE ESTATE, LTD. v. FRY (H.M. INSPECTOR OF TAXES). (2) CITY OF LONDON REAL PROPERTY COMPANY, LTD. v. JONES (H.M. INSPECTOR OF TAXES). ; Rashid v Garcia (Status Inspector)

Separate profit calculations and apportionment

Commentary – Tax Reporter ¶303-110
HMRC Guidance – CG64015
Case Law – McGregor (H.M. Inspector of Taxes) v. Adcock

Special tax rules

Commentary – 3.1.233.1.25

Substantial shareholdings, exemption for companies

Legislation/Regulatory – TCGA92 Sch. 7AC, para. 3

Tax planning

Commentary – 4.4.3

Treated as trade, loss relief

Legislation/Regulatory – CTA2010 s. 65
HMRC Guidance – PIM4115 ; VCM13060 ; VCM55100

Under-used

Averaging elections

Legislation/Regulatory – ITTOIA2005 s. 326

Letting condition not met

Legislation/Regulatory – CTA2009 s. 268A ; ITTOIA2005 s. 326A

VAT/GST

Commentary – 2.5.1