Travel Allowances A tax-free travel allowance must be for travel costs on top of the usual cost of travel between home and work and it must be work-related.For instance, the employee may incur travel costs on top of their normal travel between home and work, if the employee: is working outside the normal hours of […]
Tax Update Category
Changes to the bright-line test & interest deductions on residential rental property
Tax Changes Without any real warning the Government has targeted residential property investors with significant tax changes in an attempt to cool the housing market growth. In bullet point we set out the changes to the bright-line test and interest deductions on residential rental property. We will follow up when more detail is available. Brightline […]
Government releases details on housing tax changes
On 10 June, the Government released a 143-page discussion document providing further insight on how it will be limiting the deductibility of interest on residential investment property. The Government confirmed that interest deductions will generally no longer be available on residential investment properties, with properties purchased before 27 March 2021 being subject to a four-year phasing out […]
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