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Dangerous disclosures


Capital tax concerns when disclosing income from land and property

When thinking of the self-assessment tax return immediate word associations for the professional adviser could be “31 January deadline” or “income tax mitigation”.

However also high on the list of the priorities is “capital taxes protection”.

A dramatic example of this is the consideration of whether a trade or activity relating to property is shown as self-employed income or on the land and property pages. The disclosure of property income has by definition important capital gains tax and inheritance tax considerations.

At some point it is a certainty that the property will be sold or gifted or the owner will die while in ownership of the property. This might appear over-simplistic but the tax consequences are significant.

What if capital gains tax rollover relief or entrepreneurs’ relief is expected or if business or agricultural property reliefs are needed to mitigate potential...

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