Property tax

Tax / Buy-to-let landlord campaign fails to fill £500m tax gap

Despite HMRC’s campaign to target underpayments of tax due on rental properties, less than 3% of estimated eligible landlords have used the let property disclosure facility, according to data from Saffery Champness, which is warning that property taxation is likely to see a greater focus as landlords come under scrutiny over their tax compliance

Tax / HMRC targets accountants over tax evading clients

HMRC sent over 1,400 production orders to accountants, lawyers and other professional services firms last year demanding information on clients that it wants to investigate for suspected tax evasion

Tax / Spring Statement 2019: implementation dates effective March 2019 onwards

Our essential snapshot of the key measures announced in Spring Statement 2019, Budget 2018, Spring Statement 2018 and Autumn Budget 2017, including rule changes to EIS funds, structures and buildings allowance, digital services tax, amendments to diverted profits tax, and more

Tax / Lack of transparency on overseas property valued at £56bn

Over £56bn of properties in England and Wales are owned by anonymous companies registered in tax havens according to analysis by Global Witness, which is calling for faster government action on beneficial ownership registers

Tax / Spring Statement 2019: draft legislation on capital allowance for non-residential buildings

As part of the Spring Statement, HMRC and the Treasury have published a consultation seeking views on draft legislation for non-residential structures and buildings capital allowance, which provides relief on eligible construction costs incurred on or after 29 October 2018

Tax / HMRC crackdown on estate agents over money laundering failures

Estate agents have been hit with unannounced inspections as part of a week-long crackdown on money laundering in the property industry, while national chain Countrywide has been fined a record £215,000 for breaches of the regulations, HMRC has revealed

Tax / Stamp duty land tax payment window cut to 14 days

The payment window for stamp duty land tax (SDLT) has been halved to 14 days affecting commercial and residential property transactions while a new penalty system will also come into force with immediate effect

Tax / What does 'reasonable excuse' mean to the taxman?

A number of tax tribunal decisions every year revolve around HMRC’s interpretation of reasonable excuse, but it is the Upper Tribunal decisions which are important to watch. Meg Wilson CTA, specialist tax writer at Croner-i Tax and Accounting, examines the options for taxpayers considering an appeal and use of the reasonable excuse defence

Tax / Indirect disposals of UK land bring non-residents into CGT

Changes to the capital gains tax (CGT) rules on sales of land mean that non-UK residents will be captured by the CGT regime for the first time from April 2019, raising complex tax compliance issues, explains Stephanie Webber CTA, tax writer at Croner-i

Tax / Overseas property buyers face 1% stamp duty surcharge

HMRC and the Treasury have issued a 12-week consultation looking at how a 1% increase to stamp duty land tax (SDLT) for non-UK residents, including companies and trusts, purchasing residential property would work, with proceeds of the surcharge going towards measures to tackle rough sleeping

Tax / Inheritance tax liabilities: valuing farm machinery

Accurate probate values are key to assessing inheritance tax (IHT) liabilities on farms, especially when they include development potential or working machinery. Julie Butler FCA, partner at Butler & Co explains the tax implications

Tax / Structures and buildings capital allowance ‘too complex’

The government should consider simplifying its planned structures and buildings allowance (SBA) designed to encourage investment in the construction and renovation of commercial buildings, as the current proposals are too complex, CIOT has said

Tax / Nunn: avoid falling foul of the taxman over property sales

The ever daunting volume of tax code leaves taxpayers confused and liable to be caught out by ever more arcane tax rules. Yvette Nunn CTA, founder of Berkeley Associates, gives a candid view of some of the more complex tax traps from compliance with non residential CGT to the risks of falling foul of the annual allowance when saving for a pension 

Tax / Scottish budget passed after deal with Green party

The Scottish Budget was approved by 67 votes to 58 with Finance Secretary Derek Mackay getting backing from Green MSPs, after he agreed to boost to local government funding and implement an alternative system to council tax

Tax / Call for rethink on first time buyers relief

HMRC reports more than 241,000 first time homeowners have pocketed the cash they would have spent on stamp duty land tax (SDLT), saving a total of £570m since first time buyers relief (FTBR) was introduced, but the Association of Accounting Technicians (AAT) has branded the scheme ‘costly and bureaucratic’
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