Property tax

Tax / HMRC spend on debt collectors balloons

In a bid to close the tax gap and chase up recalcitrant taxpayers, HMRC has ramped up spending on private sector debt collectors by 62% in the last year to reach £39m, compared to £24m in 2016

Tax / Number of tax refund scams escalating

A sharp rise in the number of scam emails and text messages targeting taxpayers has been flagged by HMRC, with renewed warnings that criminals are attempting to trick the public into thinking they have received a tax rebate so they hand over their account and personal details

Tax / Q&A: principal private residence relief and CGT

Croner Taxwise tax adviser Sohail Butt FCCA considers the use of principal private residence relief (PPR) when selling a property and outbuilding, and whether there are potential capital gains tax (CGT) charges

Tax / £10,000 citizen’s inheritance to support under 25s

A so-called citizen’s inheritance one-off payment of £10,000 to all 25-year olds, halving stamp duty land tax (SDLT) for all first-time buyers and introducing national insurance contributions (NICs) on pensioners’ salaries all form part of a new ‘generational contract’ proposed by the Resolution Foundation to tackle ongoing issues with unaffordable housing

Tax / NRCGT deadline for reporting UK property sales to HMRC

HMRC has issued revised guidance on non-resident capital gains tax (NRCGT) rules for UK residential property sales for anyone residing overseas stressing the 30-day deadline for notification and warning failure to report as third of sellers face penalties

Tax / OTS seeks views on IHT simplifications

The Office of Tax Simplification (OTS) is seeking views from those with personal experience of inheritance tax (IHT) to inform its simplification review, which will focus on the ease or complexity of the legislative rules and the processes that have to be followed

Tax / 69,000 first time buyers benefit from stamp duty change

The government’s move to abolish stamp duty land tax (SDLT) on properties under £300,000 has benefited 69,000 first-time buyers in the period up until 31st March this year, official statistics show

Tax / Annual tax on enveloped dwellings: what you need to know

The revaluation of the annual tax on enveloped dwellings (ATED) could potentially bring more properties within scope due to the continuing growth of property prices. Lindsey Wicks, tax writer at Croner-i, outlines the implications of the tax for high value residential properties

Tax / Taxpayer rights under Human Rights Act explained

HMRC has issued factsheet CC/FS9 on the individual rights of taxpayers who are facing penalties for non-compliance with tax rules, focusing on article 6 of the European Convention on Human Rights

Tax / HMRC clarifies process for paying unpaid tax for deceased landlords

HMRC has updated its Let Property Campaign Service, which allows landlords to disclose and settle any unpaid tax bills, to include information on how to make a disclosure on behalf of someone who has died

Tax / Q&A: transfer of property income to spouse

Croner Taxwise tax adviser Alexandra Fielding examines the tax implications of giving income from investment property to a spouse

Tax / Faster CGT payments may prove problematic for landlords

HMRC proposals to speed up capital gains tax (CGT) payments for residential property sales could cause cashflow and compliance issues for landlords, individuals and investors, warns Nimesh Shah, partner, Blick Rothenberg

Tax / Top ten tips: 2018/19 tax year reliefs

The new tax year only began on 6 April, but individuals should start planning for it now to ensure they do not miss out on valuable allowances that could save them thousands on allowances and tax reliefs

Tax / Making Tax Digital – exploding the myths

While VAT is now at the forefront of HMRC plans for the rollout of Making Tax Digital (MTD), digital reporting will apply to all the main taxes in future and will impact all UK taxpayers. Ian Carpenter and John Forth, VAT partners at RSM, explain potential pitfalls and considerations for businesses and accountants

Tax / Help to Buy extended in Scotland to 2021

The Scottish Help to Buy scheme for first-time buyers and existing home owners is being extended for two years to 2021 with a further £100m investment, helping more people purchase a new-build home without raising a large deposit