ABSTRACT
This chapter aims to demonstrate the impact of national taxes on property ownership and on transactions involving property. It considers the historic and present day scope for taxation and reviews the impact of each of the principal taxes on property owners and their activities. The chapter explains the effect of the principal exemptions and reliefs of each tax on property ownership. All taxation is statute-based and the national taxes are those which are imposed by central government for national purposes: traditionally local taxes are imposed on the population of a local area by the local authorities and other local bodies. Income tax and corporation tax is assessed according to the amended provisions of the Income and Corporation Taxes Act 1988. Companies and certain other organisations are taxed to corporation tax on their profits from various property sources of income and on gains.
