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Schedule A
All letting income must taxed under schedule A. Although expenses can be set against income, there are special rules that must be followed which will vary from those which apply to most other types of business income. This should be taxed according to ‘Schedule D’.
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Section 21 notice
See ‘Notice to quit’

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Stamp Duty
Is a Government tax that is levied on transfer of properties in excess of £170,000. This duty is determined according to the value of the property being transferred and is currently: 0% for properties sold up to £175,000, 1% for properties sold for £175,001-£250,000, 3% for properties sold for £250,001-£500,000 and 5% for properties sold for over £500,000.*

Stamp duty of 1 per cent is also payable on leases and rental agreements of seven years or less where the annual rental is £5,000 or more. Other rates and conditions apply for longer leases and to premiums in excess of £175,000.

* This shall change as of the 1st January 2010.
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Standard variable rate (SVR)
Represents the rate of interest normally charged on variable rate mortgages which over the course of the mortgage will go up and time (depending on general interest rate movements)
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Tenancy deposit protection
As from 6 April 2007 all landlords choosing to include a monetary deposit within their assured tenancy must safeguard it by acquiring a membership with a tenancy deposit scheme. There are currently two types of schemes available – a custodial scheme which holds the deposit, or insured schemes whereby the landlord retains the deposit but pays an insurance premium. Both approaches include dispute resolution arrangements.

Until deposits have been safeguarded by a scheme, landlords cannot regain possession of a property using usual ground procedures.
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Tenancy Deposit Scheme (TDS)
Following on from the Housing Act 2004 provisions have been made for mandatory tenancy deposit protection, which works in accordance with the 6th April 2007 decision that all landlords must protect a tenant’s deposit.
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Title deeds
Represents the deeds/documents which prove the ownership of freehold or leasehold property (generally the charge or land certificate).
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Tracker mortgage
A type of variable rate mortgage whose interest rate is directly linked to an external market rate, such as the Bank of England base rate.
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