Section 162 Incorporation Relief: a new claim requirement, not the end of the relief

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Section 162 Incorporation Relief: a new claim requirement, not the end of the relief

A significant change has now taken effect for landlords and other business owners transferring a qualifying business to a company.

For transfers completed on or after 6 April 2026, Incorporation Relief under Section 162 TCGA 1992 no longer applies automatically. Instead, each relevant transferor must actively claim the relief through their Self Assessment tax return for the tax year in which the transfer takes place.

This is an important administrative change, but it is equally important to understand what has not changed.

Section 162 Incorporation Relief has not been abolished. A qualifying business can still be transferred to a company with the relevant capital gain rolled into the shares received. Property118’s Reassure Incorporation service also remains available.

The change means that greater attention must now be given to the claim, the supporting calculations and the evidence retained at the time of incorporation.

From automatic relief to an active claim

Before 6 April 2026, Section 162 relief arose automatically where the statutory conditions were satisfied. There was no standalone application for the relief and no requirement to ask HMRC to approve the incorporation.

The transaction still needed to be correctly implemented, calculated and reported. However, the legislation did not require the transferor to make a separate claim.

Under the new rules, the transferor must make the claim in their Self Assessment return. HMRC has said that claimants will be required to provide:

• brief details of the incorporation transaction;
• the relevant tax computations; and
• the type of business transferred.

The new requirement applies to transfers taking place from 6 April 2026. It does not retrospectively impose a new claim requirement on qualifying transfers completed before that date.

The earlier clearance approach

Property118’s experience of preparing evidence for HMRC goes back considerably further than the new rules.

In the earlier years of our incorporation work, detailed non-statutory clearance submissions were frequently prepared and sent to HMRC before transactions were implemented. These explained the proposed arrangements, the commercial background, the nature of the property business and the relevant interpretation of the tax legislation.

Those submissions were an additional evidential and professional safeguard. They were not the statutory mechanism through which Section 162 relief was obtained, because the relief itself remained automatic where its conditions were met.

HMRC’s non-statutory clearance service is intended for cases involving genuine uncertainty about how legislation applies. It is not a general confirmation service and HMRC will not provide clearance on questions of fact, such as whether particular activities amount to a business.

As advance clearance became less readily available for these matters, incorporations generally proceeded without an advance view from HMRC. The relevant evidence nevertheless remained important in the event of a subsequent enquiry.

What should now be prepared?

The documents formally required with the claim will depend upon HMRC’s reporting process. In addition, we consider it prudent to assemble and retain a comprehensive evidence file at the time of incorporation.

Depending upon the circumstances, this should include:

• professional valuations of the properties and other relevant business assets;
• mortgage statements showing the liabilities connected with the portfolio;
• evidence of the activities through which the property business was conducted;
• records of the commercial reasons for incorporating;
• executed legal and company documentation; and
• the calculations supporting the amount of relief claimed.

Not every document will necessarily be submitted with the tax return. However, evidence prepared contemporaneously is generally more persuasive than records reconstructed several years later after HMRC has opened an enquiry.

Where the FTT decision fits in

Property118’s recent First-tier Tribunal success remains highly relevant, but for a different reason.

The Tribunal considered whether the Substantial Incorporation Structure and Capital Account Restructure arrangements were notifiable under DOTAS. It allowed the appeals and cancelled HMRC’s decisions to allocate Scheme Reference Numbers.

In reaching its decision, the Tribunal examined the arrangements and their commercial context in considerable detail. That included the costs and practical disadvantages of immediate refinancing, the preservation of existing mortgage terms and the ability of landlords to retain access to capital accumulated within their businesses.

The FTT ruling provides valuable clarity about the DOTAS treatment of the arrangements. It does not, however, constitute a blanket determination that every individual client qualifies for Section 162 relief. Entitlement continues to depend upon the facts of each business and the proper implementation and documentation of each transfer.

That distinction reinforces the importance of the new claims process rather than diminishing the value of the Tribunal decision.

Experience matters under the new rules

Over more than a decade, Property118 and the professionals with whom we work have dealt with advance clearance submissions, completed incorporations, HMRC compliance checks, Discovery Assessments and a full ten-day FTT hearing.

We continue to engage with HMRC through established professional channels and to present clients’ positions clearly, transparently and with appropriate supporting evidence.

The new claim requirement introduces an additional compliance step. It does not remove the underlying relief or invalidate properly structured incorporation planning.

Our procedures are being adapted to ensure that the claim, calculations and evidence are addressed as an integral part of every relevant incorporation.

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Sources and why they matter

Section 39, Finance Act 2026

This is the legislation introducing the requirement to claim Incorporation Relief. It amends Section 162 for transfers taking place from 6 April 2026.

HMRC: Incorporation Relief claims process

HMRC’s policy paper confirms that the claim must be made through the transferor’s Self Assessment return. It also identifies the information HMRC expects claimants to provide.

Section 162, Taxation of Chargeable Gains Act 1992

This is the underlying legislation providing Incorporation Relief. The new rules change the claims process, not the fundamental purpose of the relief.

Property 118 Limited & Anor v HMRC [2026] UKFTT 1111 (TC)

This is the official FTT judgment. The Tribunal examined SIS and CAR, their tax consequences and the commercial circumstances in which landlords used them. At paragraph 187, it allowed the appeals and cancelled HMRC’s decisions to allocate the Scheme Reference Numbers.

The judgment provides important clarity concerning DOTAS and supports the commercial rationale underlying the arrangements. It should be read alongside paragraph 196, which confirms that the DOTAS proceedings did not determine the separate tax position of each individual client.

HMRC: Non-Statutory Clearance Service

This explains the purpose and limitations of HMRC’s clearance service. In particular, HMRC states that it is not a general confirmation service and requires a genuine uncertainty about the application of legislation.

Property118: A Major CGT Bombshell Hidden in the 2025 Budget

This is Property118’s original report identifying the Budget announcement and explaining the practical implications of moving from automatic relief to an active claims process.

Why landlords continue to choose Property118

The landlords who engage Property118 are rarely searching for a clever tax scheme. More often, they are searching for clarity.

They want confidence that the business they have spent years building will continue to to prosper and reassurance that their business can continue beyond their own involvement.

Successful incorporations begin with a clear understanding of what the landlord is trying to achieve. The tax consequences are important and should never be ignored, but the most successful outcomes are almost always driven by commercial objectives rather than taxation alone.

That philosophy continues to guide everything we do today.

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.p118-btl-hint{background:var(–pale);border:1px dashed var(–line);border-radius:10px;padding:16px;color:var(–muted);font-size:15px}
.p118-btl-out{border:2px solid var(–navy);border-radius:12px;background:var(–pale);padding:18px}
.p118-btl-headline{font-weight:700;font-size:18px;margin:0 0 14px}
.p118-btl-headline.p118-pos{color:#17633a}
.p118-btl-headline.p118-neg{color:#9f1239}
.p118-btl-tablewrap{overflow-x:auto;margin-top:12px}
.p118-btl-table{width:100%;border-collapse:collapse;background:#fff;font-size:14px;min-width:640px}
.p118-btl-table th,.p118-btl-table td{border:1px solid #d6e0e8;padding:9px 10px;vertical-align:top}
.p118-btl-table th{background:var(–navy);color:#fff;text-align:left}
.p118-btl-table td+td{text-align:right;white-space:nowrap}
.p118-btl-table tr:nth-child(even) td{background:#f8fafc}
.p118-btl-table tr.p118-btl-strong td{font-weight:700}
.p118-btl-table td.p118-btl-net{text-align:right;white-space:nowrap}
/* summary cards */
.p118-btl-summary{display:grid;grid-template-columns:repeat(3,minmax(0,1fr));gap:12px;margin:14px 0}
.p118-btl-card{background:#fff;border:1px solid var(–line);border-radius:10px;padding:15px;display:flex;flex-direction:column}
.p118-btl-cardlabel{display:block;color:var(–muted);font-size:13px;margin-bottom:7px}
/* margin-top:auto pins the value to the bottom of each (equal-height) card, so
all three values line up even when a label wraps to two lines */
.p118-btl-value{font-size:24px;font-weight:700;color:var(–navy);margin-top:auto}
.p118-btl-value.p118-pos{color:#17633a}
.p118-btl-value.p118-neg{color:#9f1239}
@media(max-width:760px){.p118-btl-summary{grid-template-columns:1fr}}
/* figures-used recap + warning notes */
.p118-btl-figures{background:#fff;border:1px solid var(–line);border-radius:10px;padding:15px;margin-top:15px}
.p118-btl-figures p{margin:6px 0 0;line-height:1.5}
.p118-btl-warning{background:#fff8e6;border:1px solid #e8cc80;border-radius:9px;padding:12px;margin-top:14px;font-size:14px;line-height:1.5}
/* “Estimated result” heading (override the section-heading border-top) */
.p118-btl-out .p118-btl-resulttitle{border-top:0;padding-top:0;margin:0 0 10px;color:var(–navy);font-size:21px}
/* static disclaimer notes, always visible below the form */
.p118-btl-notes{margin-top:18px}
.p118-btl-note{font-size:12px;color:var(–muted);line-height:1.5;margin-top:14px}
/* title + intro at the top (matches the standalone calculator) */
.p118-btl-header{margin-bottom:8px}
.p118-btl-title{color:var(–navy);font-size:28px;line-height:1.2;margin:0 0 10px}
.p118-btl-intro{line-height:1.55;margin:0 0 6px;color:#1f2937}

(function(){
‘use strict';

// ── Field ids (must match the seeded BTL Calculator form) ──────────────────
var F = {
year:’8ca5faab-7fd0-4263-ab16-c28cac2a33dd’,
rent:’29a6d2dd-1824-4d07-ae3f-5e14607d1599′,
interest:’a4cb8069-1050-4ccd-951f-d5aa4dea1cee’,
costMode:’3decd8c1-e458-4085-bb5c-fab26e71432b’,
costPct:’b6bf5767-e12f-4c46-aec2-06a7eba263f3′,
costAmt:’e9cb6264-8168-4b6d-81ff-c4ed51212e4f’,
associated:’aaa3b1a0-7c1d-4e01-aa7b-069a6335ff7d’,
extraction:’fdce52bf-c76f-449c-a63b-bce9e7906c6b’,
extractionPct:’8bd621d8-8eef-4114-9db9-d0f5f7c17963′,
shareholders:’c441faed-5bf9-4290-9335-37c9aba50a40′,
shName:’fe7f6621-acd1-42b9-b4fc-37ca29cbaf1a’,
shShare:’9df50ba8-ff5a-454a-9748-4bb9cb45f5c8′,
shResident:’e5601232-087b-4db0-8d4a-4b4a91cbbeb3′,
shOtherIncome:’3843a208-bb92-4b89-be11-9bd3088b57e9′,
shOtherDiv:’5609d332-3866-48ea-9ca1-4eb519005d46′,
shOptimise:’bce9079f-806e-4f61-b9ec-ea9591cd448f’,
shDividends:’b2b09c3b-0ef8-4ec5-8c29-686d2db85d8a’,
shPension:’5e6320c4-fd4b-4a97-93a0-f9048581c39a’,
// non-UK-resident only (shown when “UK tax resident?” = No)
shEntitledPa:’7c1de2f0-11aa-4b22-9c33-a1b2c3d40001′,
shApplyDivTax:’7c1de2f0-11aa-4b22-9c33-a1b2c3d40002′,
shApplySalaryTax:’7c1de2f0-11aa-4b22-9c33-a1b2c3d40003′,
name:’df54eedb-ec85-410c-b865-c14e5d5983c6′,
reportData:’c8e98065-9275-4fd9-9bbe-607e5eb8e588′
};

var repeater = document.querySelector(‘.crm-repeater[data-repeater-id=”‘ + F.shareholders + ‘”]’);
var mount = document.querySelector(‘.p118-btl-results’);
var reportField = document.querySelector(‘[name=”‘ + F.reportData + ‘”]’);
if (!repeater || !mount) { return; }
var form = repeater.closest(‘form’) || document;

// ── helpers to read the native fields ──────────────────────────────────────
function el(id){ return form.querySelector(‘[name=”‘ + id + ‘”]’); }
function val(id){ var e = el(id); return e ? e.value : ”; }
function num(id){ var v = parseFloat(val(id)); return isFinite(v) ? v : 0; }
function entered(id){ var e = el(id); return !!e && String(e.value).trim() !== ”; }
// read a sub-field inside a given repeater row by its child field id
function rowEl(row, childId){ var w = row.querySelector(‘[data-field-id=”‘ + childId + ‘”]’); return w ? w.querySelector(‘input,select,textarea’) : null; }
function rowVal(row, childId){ var e = rowEl(row, childId); return e ? e.value : ”; }
function rowNum(row, childId){ var v = parseFloat(rowVal(row, childId)); return isFinite(v) ? v : 0; }
function rowYes(row, childId, dflt){ var e = rowEl(row, childId); if (!e) return dflt; if (e.type === ‘checkbox’) return !!e.checked; return e.value === ‘yes'; }

function money(v){ return new Intl.NumberFormat(‘en-GB’,{style:’currency’,currency:’GBP’,maximumFractionDigits:0}).format(isFinite(v)?v:0); }
function percent(v){ return (isFinite(v)?v:0).toFixed(1).replace(‘.0′,”) + ‘%'; }
function escapeHtml(v){ return String(v||”).replace(/[&'”]/g,function(ch){return {‘&':’&’,”:’>’,”‘”:’'’,'”‘:’"’}[ch];}); }

// ── TAX ENGINE (unchanged — same maths as the standalone calculator) ───────
var TAX = {
‘2026’:{pa:12570,basicBand:37700,additionalThreshold:125140,generalRates:[0.20,0.40,0.45],propertyRates:[0.20,0.40,0.45],dividendRates:[0.1075,0.3575,0.3935],dividendAllowance:500,section24Rate:0.20,employeePT:12570,employeeUEL:50270,employeeMain:0.08,employeeUpper:0.02,employerST:5000,employerRate:0.15,ctLowerLimit:50000,ctUpperLimit:250000,ctSmallRate:0.19,ctMainRate:0.25,ctMarginalFraction:0.015},
‘2027’:{pa:12570,basicBand:37700,additionalThreshold:125140,generalRates:[0.20,0.40,0.45],propertyRates:[0.22,0.42,0.47],dividendRates:[0.1075,0.3575,0.3935],dividendAllowance:500,section24Rate:0.22,employeePT:12570,employeeUEL:50270,employeeMain:0.08,employeeUpper:0.02,employerST:5000,employerRate:0.15,ctLowerLimit:50000,ctUpperLimit:250000,ctSmallRate:0.19,ctMainRate:0.25,ctMarginalFraction:0.015}
};
function personalAllowance(ani,eligible,tax){ if(!eligible){return 0;} return Math.max(0,tax.pa-Math.max(0,ani-100000)/2); }
function allocateTax(amount,occupied,rates,zeroRateAllowance,tax){
amount=Math.max(0,amount);occupied=Math.max(0,occupied);zeroRateAllowance=Math.max(0,zeroRateAllowance||0);
var basicAvailable=Math.max(0,tax.basicBand-Math.min(occupied,tax.basicBand));
var basic=Math.min(amount,basicAvailable);var remaining=amount-basic;occupied+=basic;
var higherAvailable=Math.max(0,tax.additionalThreshold-Math.max(occupied,tax.basicBand));
var higher=Math.min(remaining,higherAvailable);remaining-=higher;var additional=Math.max(0,remaining);
var slices=[basic,higher,additional];var totalTax=0;
for(var i=0;i<3;i++){var free=Math.min(slices[i],zeroRateAllowance);zeroRateAllowance-=free;totalTax+=(slices[i]-free)*rates[i];}
return {tax:totalTax,occupied:occupied+higher+additional,slices:slices};
}
function computeIncomeTax(input,tax){
var other=Math.max(0,input.other||0),property=Math.max(0,input.property||0),dividends=Math.max(0,input.dividends||0);
if(input.applyDividendTax===false){dividends=0;}
var ani=other+property+dividends;var allowance=personalAllowance(ani,input.personalAllowance!==false,tax);var remainingPA=allowance;
var otherTaxable=Math.max(0,other-remainingPA);remainingPA=Math.max(0,remainingPA-other);
var propertyTaxable=Math.max(0,property-remainingPA);remainingPA=Math.max(0,remainingPA-property);
var dividendTaxable=Math.max(0,dividends-remainingPA);var occupied=0,total=0;
var a=allocateTax(otherTaxable,occupied,tax.generalRates,0,tax);total+=a.tax;occupied=a.occupied;
var b=allocateTax(propertyTaxable,occupied,tax.propertyRates,0,tax);total+=b.tax;occupied=b.occupied;
var c=allocateTax(dividendTaxable,occupied,tax.dividendRates,tax.dividendAllowance,tax);total+=c.tax;occupied=c.occupied;
return {tax:total,allowance:allowance,ani:ani,taxable:occupied};
}
function employeeNIC(salary,tax,statePensionAge,apply){ if(!apply||statePensionAge||salary<=tax.employeePT){return 0;} return Math.max(0,Math.min(salary,tax.employeeUEL)-tax.employeePT)*tax.employeeMain+Math.max(0,salary-tax.employeeUEL)*tax.employeeUpper; }
function employerNIC(salary,tax,apply){ if(!apply||salary<=tax.employerST){return 0;} return (salary-tax.employerST)*tax.employerRate; }
function corporationTax(profit,associated,tax){ if(profit<=0){return 0;} var divisor=associated+1,lower=tax.ctLowerLimit/divisor,upper=tax.ctUpperLimit/divisor; if(profit=upper){return profit*tax.ctMainRate;} return profit*tax.ctMainRate-(upper-profit)*tax.ctMarginalFraction; }
function personalScenario(state,shareholders){
var tax=TAX[state.year];var propertyProfitBeforeInterest=state.rent-state.costs;var totalTax=0,totalCredit=0,totalCash=state.rent-state.costs-state.interest;var rows=[];
shareholders.forEach(function(s){
var propertyProfit=Math.max(0,propertyProfitBeforeInterest*s.share);var interest=state.interest*s.share;
var base=computeIncomeTax({other:s.otherIncome,property:0,dividends:s.otherDividends,personalAllowance:s.personalAllowance,applyDividendTax:s.applyDividendTax},tax);
var full=computeIncomeTax({other:s.otherIncome,property:propertyProfit,dividends:s.otherDividends,personalAllowance:s.personalAllowance,applyDividendTax:s.applyDividendTax},tax);
var adjustedAboveAllowance=Math.max(0,full.ani-full.allowance);var creditBase=Math.min(interest,propertyProfit,adjustedAboveAllowance);
var credit=Math.max(0,creditBase*tax.section24Rate);var incremental=Math.max(0,full.tax-credit-base.tax);
totalTax+=incremental;totalCredit+=credit;
});
return {tax:totalTax,credit:totalCredit,cashAfterTax:totalCash-totalTax,combinedWealth:totalCash-totalTax};
}
function dividendAllocations(dividendPool,shareholders){
var participants=shareholders.filter(function(s){return s.receivesDividends;});var participatingShares=participants.reduce(function(sum,s){return sum+s.share;},0);var result={};
shareholders.forEach(function(s){result[s.index]=0;});if(dividendPool<=0||participatingShares<=0){return result;}
participants.forEach(function(s){result[s.index]=dividendPool*(s.share/participatingShares);});return result;
}
function companyScenario(state,shareholders,salaries){
var tax=TAX[state.year];var operatingProfit=state.rent-state.costs-state.interest;var employerNi=0,totalSalary=0;
shareholders.forEach(function(s,i){var salary=Math.max(0,salaries[i]||0);totalSalary+=salary;employerNi+=employerNIC(salary,tax,s.applySalaryTax);});
var preCT=operatingProfit-totalSalary-employerNi;if(preCT0){return null;}
var ct=corporationTax(preCT,state.associated,tax);var postCT=preCT-ct;var dividendPool=Math.max(0,postCT)*state.extractionPct;
var dividendByShareholder=dividendAllocations(dividendPool,shareholders);var personalTax=0,employeeNi=0,netCash=0,rows=[];
shareholders.forEach(function(s,i){
var salary=Math.max(0,salaries[i]||0);var dividend=dividendByShareholder[s.index]||0;
var base=computeIncomeTax({other:s.otherIncome,property:0,dividends:s.otherDividends,personalAllowance:s.personalAllowance,applyDividendTax:s.applyDividendTax},tax);
var taxableSalary=s.applySalaryTax?salary:0;
var full=computeIncomeTax({other:s.otherIncome+taxableSalary,property:0,dividends:s.otherDividends+dividend,personalAllowance:s.personalAllowance,applyDividendTax:s.applyDividendTax},tax);
var incomeTax=Math.max(0,full.tax-base.tax);var eni=employeeNIC(salary,tax,s.statePensionAge,s.applySalaryTax);
personalTax+=incomeTax;employeeNi+=eni;netCash+=salary+dividend-incomeTax-eni;
rows.push({name:s.name,resident:s.resident,salary:salary,dividend:dividend,incomeTax:incomeTax,employeeNi:eni,net:salary+dividend-incomeTax-eni});
});
var retained=postCT-dividendPool;var combinedWealth=retained+netCash;
return {operatingProfit:operatingProfit,employerNi:employerNi,employeeNi:employeeNi,ct:ct,dividendPool:dividendPool,personalTax:personalTax,retained:retained,combinedWealth:combinedWealth,rows:rows};
}
function salaryOptimisationLimit(s,state,tax){ if(!s.optimiseSalary||!s.personalAllowance){return 0;} var dividendsForAllowance=s.applyDividendTax?s.otherDividends:0;var allowance=personalAllowance(s.otherIncome+dividendsForAllowance,true,tax);var unusedAllowance=Math.max(0,allowance-s.otherIncome);var companyCashProfit=Math.max(0,state.rent-state.costs-state.interest);return Math.min(unusedAllowance,companyCashProfit); }
function candidateSalaries(s,state,tax){ var limit=salaryOptimisationLimit(s,state,tax);if(limit<=0){return [0];}var values=[0,Math.min(limit,tax.employerST),Math.min(limit,tax.employeePT),limit];var step=limit<=5000?50:100;for(var x=0;x<=limit;x+=step){values.push(x);}var unique={};values.forEach(function(v){v=Math.max(0,Math.min(limit,Math.round(v/10)*10));unique[v]=true;});return Object.keys(unique).map(Number).sort(function(a,b){return a-b;}); }
function optimiseSalaries(state,shareholders){
var tax=TAX[state.year];var salaries=shareholders.map(function(){return 0;});var best=companyScenario(state,shareholders,salaries);if(!best){return null;}
for(var pass=0;pass<8;pass++){var changed=false;
for(var i=0;ilocalBest.combinedWealth+0.01){localBest=result;localSalary=candidate;}});
if(localSalary!==salaries[i]){salaries[i]=localSalary;best=localBest;changed=true;}}
if(!changed){break;}}
for(var j=0;j<shareholders.length;j++){if(!shareholders[j].optimiseSalary){continue;}var current=salaries[j],limit=salaryOptimisationLimit(shareholders[j],state,tax);
for(var c2=Math.max(0,current-500);c2best.combinedWealth+0.01){best=result;salaries=trial;}}}
return best;
}

// ── read the form ──────────────────────────────────────────────────────────
function getState(){
var costMode=val(F.costMode)||’percent';var rent=num(F.rent);
var costs=costMode===’amount’?num(F.costAmt):rent*(num(F.costPct)/100);
var extractionMode=val(F.extraction)||’retain';
var extractionPct=extractionMode===’retain’?0:(extractionMode===’all’?1:num(F.extractionPct)/100);
return {year:val(F.year)||’2026′,rent:rent,interest:num(F.interest),costs:costs,associated:Math.max(0,Math.floor(num(F.associated))),extractionMode:extractionMode,extractionPct:Math.max(0,Math.min(1,extractionPct))};
}
function getShareholders(){
var rows=repeater.querySelectorAll(‘.crm-repeater-row’);
return Array.prototype.map.call(rows,function(row,index){
var resident=rowVal(row,F.shResident)!==’no';
return {index:index,name:(rowVal(row,F.shName)||”).trim()||(‘Shareholder ‘+(index+1)),share:Math.max(0,rowNum(row,F.shShare))/100,resident:resident,
otherIncome:Math.max(0,rowNum(row,F.shOtherIncome)),otherDividends:Math.max(0,rowNum(row,F.shOtherDiv)),
optimiseSalary:rowYes(row,F.shOptimise,true),receivesDividends:rowYes(row,F.shDividends,true),statePensionAge:rowYes(row,F.shPension,false),
// UK residents get full PA + UK dividend/PAYE treatment; for a non-resident
// read the three conditional fields (defaults match the original: PA off,
// dividend tax off, salary PAYE/NI on).
personalAllowance:resident?true:rowYes(row,F.shEntitledPa,false),
applyDividendTax:resident?true:rowYes(row,F.shApplyDivTax,false),
applySalaryTax:resident?true:rowYes(row,F.shApplySalaryTax,true),
entered:{share:String(rowVal(row,F.shShare)).trim()!==”}};
});
}
function personName(){
var f=form.querySelector(‘[name=”‘+F.name+'[first]”]’),l=form.querySelector(‘[name=”‘+F.name+'[last]”]’);
return ((f?f.value:”)+’ ‘+(l?l.value:”)).trim();
}

// ── render + report_data ────────────────────────────────────────────────────
function showMessage(msg){ mount.innerHTML=’

‘; if(reportField){reportField.value=”;} }

function recompute(){
var state=getState();var shareholders=getShareholders();
if(!entered(F.rent)||state.rent0.0001){ return showMessage(‘Ownership percentages must total 100% (currently ‘+percent(shareTotal*100)+’).’); }
var personal=personalScenario(state,shareholders);
var optimised=optimiseSalaries(state,shareholders);
if(!optimised){ return showMessage(‘No feasible salary combination for these figures.’); }

var diff=optimised.combinedWealth-personal.combinedWealth;var cls=diff>=0?’p118-pos':’p118-neg';
var headline=diff>=0?’The optimised company structure leaves an estimated ‘+money(diff)+’ more in combined cash and retained profit each year.':’Personal ownership leaves an estimated ‘+money(Math.abs(diff))+’ more cash each year.';
var nonResident=shareholders.some(function(s){return !s.resident;});
var html=’

‘;
mount.innerHTML=html;

if(reportField){
reportField.value=JSON.stringify({
name:personName()||undefined,taxYear:state.year,rent:state.rent,costs:state.costs,interest:state.interest,
personal:{tax:personal.tax,credit:personal.credit,combinedWealth:personal.combinedWealth},
company:{operatingProfit:optimised.operatingProfit,ct:optimised.ct,nationalInsurance:optimised.employerNi+optimised.employeeNi,personalTax:optimised.personalTax,dividendPool:optimised.dividendPool,retained:optimised.retained,combinedWealth:optimised.combinedWealth,
shareholders:optimised.rows.map(function(r){return {name:r.name,resident:r.resident,salary:r.salary,dividend:r.dividend,incomeTax:r.incomeTax,employeeNi:r.employeeNi,net:r.net};})}
});
}
return true;
}
function cell(v){ return ‘ ‘+v+’

‘; }
function row2(label,a,b){ return ‘
‘+cell(escapeHtml(label))+cell(a)+cell(b)+’

‘; }

// ── two-step flow: “Calculate comparison” computes + reveals the report step ─
var revealed=false;
var resultsField=mount.closest(‘.crm-field’)||mount;
var submitWrap=form.querySelector(‘.crm-submit’);
// Everything AFTER the results mount is the “Get your free PDF report” step —
// hidden until the user calculates. (Submit lives outside the field flow on
// the WP render, so handle it explicitly too.)
var reportEls=[];var sib=resultsField.nextElementSibling;
while(sib){reportEls.push(sib);sib=sib.nextElementSibling;}
function setReportVisible(v){
reportEls.forEach(function(e){e.style.display=v?”:’none';});
if(submitWrap){submitWrap.style.display=v?”:’none';}
}
setReportVisible(false);

// Conditional inputs — show cost %/amount + extraction % based on the selects,
// like the original calculator. Runs on load + on every change.
function showField(id,show){ var e=el(id); var w=e?e.closest(‘.crm-field’):null; if(w){ w.style.display=show?”:’none'; } }
// Per shareholder row: the three UK-treatment fields are only relevant to a
// non-UK-resident, so reveal them only when that row’s “UK tax resident?” = No
// (exactly like the standalone calculator).
function toggleShareholderRow(row){
var nonRes = rowVal(row,F.shResident)===’no';
[F.shEntitledPa,F.shApplyDivTax,F.shApplySalaryTax].forEach(function(cid){
var w = row.querySelector(‘[data-field-id=”‘+cid+'”]’);
if(w){ w.style.display = nonRes ? ” : ‘none'; }
});
}
function toggleShareholderRows(){ Array.prototype.forEach.call(repeater.querySelectorAll(‘.crm-repeater-row’),toggleShareholderRow); }
// Checkbox fields can’t be default-checked via the field config, so seed each
// row’s defaults once (salary optimisation + dividend allocation + PAYE/NI on;
// everything else off). Marked so a user un-tick is never re-applied.
function initShareholderRow(row){
if(row.getAttribute(‘data-p118-init’)===’1′){return;}
row.setAttribute(‘data-p118-init’,’1′);
[F.shOptimise,F.shDividends,F.shApplySalaryTax].forEach(function(cid){
var e=rowEl(row,cid); if(e&&e.type===’checkbox’){e.checked=true;}
});
// “UK tax resident?” renders with a blank “— Select —”; default it to Yes.
var res=rowEl(row,F.shResident); if(res&&res.tagName===’SELECT’&&!res.value){res.value=’yes';}
}
function initShareholderRows(){ Array.prototype.forEach.call(repeater.querySelectorAll(‘.crm-repeater-row’),initShareholderRow); }
function toggleConditional(){
var cm=val(F.costMode)||’percent’, ex=val(F.extraction)||’retain';
showField(F.costPct, cm===’percent’);
showField(F.costAmt, cm===’amount’);
showField(F.extractionPct, ex===’partial’);
toggleShareholderRows();
}
initShareholderRows();
toggleConditional();
form.addEventListener(‘change’, toggleConditional);

var calcBtn=document.createElement(‘button’);
calcBtn.type=’button';calcBtn.className=’p118-btl-calc-btn';calcBtn.textContent=’Calculate comparison';
if(resultsField.parentNode){resultsField.parentNode.insertBefore(calcBtn,resultsField);}
calcBtn.addEventListener(‘click’,function(){ if(recompute()){ revealed=true; setReportVisible(true); } });

// Once the report step is showing, keep the figures live as they tweak inputs.
var t;
function schedule(){ if(!revealed){return;} clearTimeout(t); t=setTimeout(recompute,120); }
form.addEventListener(‘input’,schedule);
form.addEventListener(‘change’,schedule);
document.addEventListener(‘crm-repeater-change’,function(e){ if(repeater.contains(e.target)||e.target===repeater){ initShareholderRows(); toggleShareholderRows(); if(revealed){ schedule(); } } });

// Title + intro at the very top, matching the standalone calculator.
if (form && form.tagName === ‘FORM’ && !form.querySelector(‘.p118-btl-header’)) {
var header=document.createElement(‘div’);
header.className=’p118-btl-header';
header.innerHTML=’

Buy-to-let tax comparison calculator

Compare the estimated annual position where a residential property business is owned personally or through a limited company. Property information is entered first, followed by each owner or shareholder.

‘;
form.insertBefore(header, form.firstChild);
}

// Static disclaimers — always visible below the form (as in the standalone
// calculator). Appended outside the so the two-step reveal never hides them.
var notes=document.createElement(‘div’);
notes.className=’p118-btl-notes';
notes.innerHTML=’

This calculator is an indicative comparison for England, Wales and Northern Ireland. It does not calculate SDLT, CGT, ATED, Employment Allowance, pension contributions, student loans, Gift Aid, Marriage Allowance, High Income Child Benefit Charge, brought-forward losses or brought-forward finance costs. It does not model overseas tax or individual double-taxation treaties. Any salary must relate to genuine work performed for the company.

‘+
‘

If the company is structured with multiple classes of shares, it may be possible for the founders or directors to distribute profits in proportions that differ from the overall shareholdings. The structure may also allow the value of the founders’ shares to be frozen, with future growth allocated to other share classes to incentivise the next generation and support longer-term inheritance tax planning.

‘;
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showMessage(‘Enter your figures above, then press Calculate comparison.’);
})();

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London leads July’s UK rent growth

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Property118

London leads July’s UK rent growth

Average rents across the UK rose to £1,369 a month in July, up 1.2% from £1,353 in June, according to the latest HomeLet figures.

The average was 4.3% higher than the £1,313 recorded in July last year.

Excluding Greater London, rents reached £1,170, a rise of 1.1% from June and 3.4% over the year.

London remained the most expensive region at £2,207 a month following a 1.2% monthly increase and 6% annual growth.

Strong tenant demand

The firm’s head of sales, Mike Dawson, said: “This month’s data reinforces the picture of a market where demand for good quality rental homes remains consistently strong.

“Rents are still nudging upwards in most regions, with London and the Midlands showing particularly notable annual growth.”

He added: “The HomeLet Rental Index gives agents and landlords an accurate view of achieved rents rather than asking prices, which is crucial when decisions need to be made quickly and confidently.”

Regional rent rises

Rents increased month on month in 11 of the 12 regions covered by the index during July.

Scotland recorded the largest movement at 2.6%, followed by the South East at 1.4%.

The North East and North West each posted monthly rises of 1.3%.

Northern Ireland was the only region to record a fall, with the average slipping 0.5% from June.

Annual growth leaders

Greater London recorded the strongest annual increase at 6%, compared with 5% in the June index.

The East Midlands followed with growth of 4.7%, while Scotland recorded a 4.1% rise.

North East rents were 4% higher than in July 2025.

The UK-wide annual increase accelerated from 3.4% in June to 4.3% in July.

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