Tax Insider Tip: New Cash Basis For Landlords
The new cash basis for landlords was introduced in Finance (No 2) Act 2017, and applies automatically to most landlords from 6 April 2017, so will be relevant to 2017/18 tax returns being prepared now; and yes, that does mean that the cash basis applied seven months before the relevant legislation was even enacted. What is worse, if the landlord’s circumstances fit the relevant criteria, it has applied automatically from 6 April 2017 – one has to elect out of the cash basis.
In October's Issue of Property Tax Insider, out now, Lee Sharpe looks at the new cash basis of assessment, and what it means for landlords.
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