Unit_2_Property_Tax

63l taxforcurrentyearbasedonfinalyearsinformation

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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...
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This document was uploaded on 03/18/2014.

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