This preview shows page 1. Sign up to view the full content.
Unformatted text preview: from Profits Tax under s.24, rental income subject to Property Tax)
Corporations carrying on business and subject to Profits Tax under s.14 – exempted from Property Tax by applying s.5(2)(a); or setoff under s.25 Unit 2 – Property Tax
Unit Exemption – Avoidance of double taxation of same income Clubs & Associations with rental income; Corporations carrying on letting business [assessable to Property Tax and Profits Tax – definition of ‘business’ in s.2 include letting and subletting by a corportion]
Exempted from Property Tax under s.5(2)(a) – applied in writing if Property Tax not yet paid
Setoff Profits Tax under s.25 if Property Tax paid
If clubs and association not subject to Profits Tax, rental income received subject to Property Tax Unit 2 – Property Tax
Unit Relief from Property Tax
Available to individual applying Personal Assessment if tax under PA is less than Property Tax
under Personal Assessment an individual person benefitted by deduction of mortgage loan interest from AV; personal allowances from reduce...
View Full Document
This document was uploaded on 03/18/2014.
- Spring '14