Spotlight on Regulations for Residential Landlords - Taxation
- AuthorAndrew Morley
Landlords today face a bewildering array of regulations. Many are centred around tenant safety and might be thought matters of commons sense or good practice, but any breach could lead variously to a fine, compensation claim, a Prohibition Notice requiring remedial works to be undertaken, render any Notice Seeking possession ineffective against the tenant or even find the landlord behind bars.
With this in mind this regular series aims to highlight the main responsibilities the landlord has to contend with.
Taxation - Landlords are required to pay tax on the income they receive, but the taxation level depends on personal circumstances. As the property is by definition an investment property (not being the landlords own home) liability for Capital Gains Tax by arise in the case of a sale.
This Blog is written to raise awareness of these issues. While every effort has been made to ensure that it is correct at the time of first publication it may not be updated, even if the law changes. It is not intended to be specific legal advice and cannot be relied on as such. Chattertons are not responsible or liable for any action taken or not taken as a result of this Blog. If you think any of these matters affect you then we would be happy to advise.
Andrew Morley provides dispute resolution and residential landlord and tenant services from our Lincoln office.