Filing of taxable income
Question from Mandy updated on 4th September 2020:
We have owned a rental property since 1999. In January we sold half to my daughter and her husband. I am currently completing our IR3s and can't seem to find anywhere to tell them about the house sale as it definitely falls in the non-taxable sales bracket. I don't need to fill in an IR833 or tick other income. I am wondering about depreciation recovery, I am filing the IR3s myself as they are due soon!
Our expert Mark Withers responded:
It is your own responsibility to make a complete and accurate filing of your taxable income. If depreciated property has been disposed of at above book value you will need to include this as income in your return on filing.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.