Glossary - Index "T"
Real Estate Terms and Site Index "T"
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Taxation of Property Income - Profits earned from UK land or property through lettings are treated as arising from a business. They are computed using the same principles as for trades but the taxpayer is not actually treated as if they are trading - earning are treated as unearned income. Thus, you can off-set losses against other rental income, but not against earned income, nor can you use the income for pension contributions or get CGT reliefs as a trader. Landlords must keep commercial accounts drawn up in accordance with correct accounting principles. In particular, accounts should be on the 'earnings basis' but certain small cases can use the 'cash basis'. LandlordZONE FAQ & LandlordZONE Taxation
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Tenancies (Residential) - A tenancy is an "estate in Land" - a right to occupy for a period in exchange for rent. The tenant must have exclusive possession of the land for a tenancy to exist. There are 4 main types of residential tenancy in England & Wales: (1) A Protected (Rent Act) Tenancy 1977 (2) Protected Shorthold Tenancy - Housing Act 1980 (3) Assured Tenancy (AT) - Housing Act 1988 (4) Assured Shorthold Tenancy (AST) - Housing Act 1988 & 1996 See: LandlordZONE FAQ
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Tenancy Deposit Scheme - From 6 April 2007, all deposits taken by landlords for an Assured Shorthold Tenancies in England and Wales (the vast majority of tenancies), must be protected by a tenancy deposit protection scheme. From this date, tenants can ask their landlord or his agent about the details of the scheme when signing a new tenancy agreement. See: Tenancy Deposit Scheme & LandlordZONE FAQ
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Tort - a wrongful act or omission for which someone can be sued for damages in a civil court. It includes negligence, nuisance, libel, trespass or injury done to someone (whether intentionally or by negligence), and inducement to break a contract (although breach of contract itself is not a tort). Tort is distinguished from a crime in that it affects the interests of an individual rather than of society at large, but some crimes can also be torts, for example assault.
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Tenancy at Will -
Never rely totally on this information which relates primarily to England & Wales. Before taking action or not, seek expert advice with the full facts of your case and all documents to hand.
