Chapter 11 - 3.1 - UK Property Income Flashcards
1
Q
On what basis is rental income from UK properties taxable on?
A
An accruals basis - meaning only rent relating to the accounting period is included in taxable income, and the date the rent was actually received is ignored
2
Q
How is interest payable on a loan to acquire or improve property treated?
A
It is not an allowable expense against property income. Instead, relief is given under the loan relationship rules
