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The Office of Tax Simplification (OTS) is seeking views about how the taxation of property income could be simplified. The review will consider the current regimes for the taxation of residential property held by individuals partnerships and micro-companies.
In particular the review will consider:
- the way that the taxation of property income fits into the overall scheme of income tax and the rationale for the similarities and differences between the treatment of property and trading income and income from other investments;
- the differences between the rules for residential lettings generally and those applying to furnished holiday lettings the incorporation of property businesses including stamp duty land tax aspects;
- the factors that influence the choice between using the cash basis rather than accruals accounting where rental income is less than £150 000 a year;
- reliefs and exemptions including capital gains...
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