Choice of basis: property income

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Choice of basis: property income by Mind Map: Choice of basis: property income

1. Property allowance

1.1. Individuals only

1.2. Limit £1,000

1.3. Tax free if below limit

1.4. Options

1.4.1. Elect to deduct £1,000

1.4.2. Elect to disapply relief

2. Rent-a-room receipts

2.1. Individuals only

2.2. Let part of residence

2.3. Limit

2.3.1. £7,500 if only person entitled

2.3.2. Otherwise, £3,750

2.4. Tax free if below limit

2.5. Options

2.5.1. Elect to deduct £7,500/£3,750

2.5.2. Elect to disapply relief

3. Cash basis

3.1. Conditions

3.1.1. Individual

3.1.2. Less than £150k

3.2. Tax teatment

3.2.1. No sideways relief for losses

3.2.2. No early years' relief for losses

3.3. Options

3.3.1. Elect to use cash basis

4. FHLs

4.1. Individuals and companies

4.2. Conditions

4.2.1. EEA (inc. UK)

4.2.2. Furnished

4.2.3. Commercial basis

4.2.4. Availability condition

4.2.4.1. At least 210 days

4.2.5. Letting condition

4.2.5.1. At least 105 days

4.2.5.1.1. Averaging election

4.2.5.1.2. Period of grace election

4.2.6. Pattern of occupation condition

4.3. Tax treatment

4.3.1. Claim capital allowances

4.3.2. Interest not restricted to BR

4.3.3. CGT reliefs as if trade

5. Accruals basis

5.1. All companies

5.2. Individuals where > £150k