Documents related to 'Election for foreign losses'
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Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
11 Jun 2019
Unincorporated business trading loss relief claimIf your sole trader or partnership business made a loss you can claim relief for it against the tax payable on your other income for that year or the year before. If only part of the loss can be reliev... Read more
01 Sep 2010
Farmers' averaging electionIf you carry on a farming or market gardening business, you can elect to average your profits over either two or five years.FarmingBusinesses that depend on a successful harvest are notoriously volatile in terms of profits. ... Read more
13 Nov 2017
Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneT... Read more
24 Dec 2014
IHT gift from surplus income letterThere is an inheritance tax exemption for monetary gifts made out of your surplus income. To demonstrate that a gift has been made out of surplus income you should send a letter with each gift you make. Write a lett... Read more
29 May 2018
In-year pension contribution - claim for tax reliefIf you pay higher or additional rate tax through PAYE you can obtain further tax relief for personal pension contributions without having to wait until you complete your self-assessment tax return by... Read more
12 Jun 2014
Election to average occupation of FHLsIf you let a property as furnished holiday accommodation it qualifies for preferential tax treatment if various conditions are met. One condition requires that the property is let for a minimum number of days eac... Read more
04 Nov 2016
IHT spouse's domicile electionWhere one spouse or civil partner is UK domiciled for inheritance tax (IHT) purposes (UK-dom) and the other is not (UK non-dom), the IHT spouse exemption for transfers is capped instead of unlimited. To remove the cap the... Read more
02 Jun 2017
Remittance basis electionIf you live in the UK, but are not domiciled here, you may benefit from making a claim to be taxed on the remittance basis.Remittance basisA UK resident taxpayer is generally subject to UK tax on their worldwide income. Resid... Read more
12 Oct 2017
