On 29 March 2018, Inland Revenue released the officials’ issues paper on the subject of ring fencing rental losses. These are the main proposals:-
· It will apply to residential land.
· It will not apply to mixed use assets or land held on revenue account.
· It may be applied on a portfolio basis.
· To apply from the start of the 2020 income tax year.
· Rules may be applied from the outset or phased in over two or three years.