Property tax

Tax / Buying property for the children: beware the tax risks

With soaring property prices, helping your children on to the property ladder might seem like a good idea but can be fraught with tax and other financial consequences. Liz Cuthbertson, partner at Mercer & Hole, examines the options

Tax / ICAEW calls for halt on IR35 extension

ICAEW has called for the government to delay its proposed roll-out of IR35 to the private sector, citing the complexity of the present situation and wider issues with the way that workers are taxed

Tax / Q&A: principal private residence (PPR) tax liability

When a taxpayer owns more than one property it can make sense to apply for principal private residence (PPR) with HMRC if the ownership falls within the two-year time limit. Angela Robson, tax consultant at Croner Taxwise considers the timing issues

Tax / Hammond disputes responsibility for RPI issues

As part of its open inquiry into the use of the retail price index (RPI) in assessing government debt repayments and indirect taxes, the economic affairs committee quizzed Chancellor Philip Hammond during a meeting

Tax / AAT calls for tax reform rather than tax rises

Scrapping the marriage allowance and switching stamp duty land tax (SDLT) liability from buyer to seller are among a raft of recommendations put forward by the Association of Accounting Technicians (AAT) as a way of raising over £27bn to plug the government’s spending gap without further tax rises

Tax / Q&A: non-resident capital gains tax

Angela Robson, tax consultant at Croner Taxwise, considers whether a non-resident UK homeowner is liable for capital gains tax when selling a UK residential property and whether there are any tax reliefs available

Tax / Q&A: VAT compliance for building work for a disabled customer

Janis Kirkham, VAT advice consultant at Croner Taxwise, considers whether zero rating VAT is applicable to building work for a disabled customer taking into account reliefs in VATA 1994 Schedule 8 Group 12

Tax / Treasury receipts hit £600bn in 12 months

The Treasury's tax revenue in the last 12 months was £602bn, the first time this threshold has been passed in a 12-month period, according to analysis by Blick Rothenberg

Tax / 1.2m first-time buyers open Help to Buy ISAs

Since the launch of the Help to Buy ISA in 2015, 146,753 property completions have been supported by the scheme with 67% of first-time buyers being between the ages of 25 to 34, according to recent statistics from HMRC

Tax / HMRC clarifies higher SDLT rules for partnerships and companies

HMRC has updated its guidance on higher rates of stamp duty land tax (SDLT) when buying an additional residential property to clarify how the rules affect companies and partnerships

Tax / Requirement to correct (RTC): the final countdown for taxpayers

As the deadline for requirement to correct notifications for offshore income and assets approaches, Lucy Brennan, partner at Saffrey Champness, examines the compliance issues before new tax penalties bite from 30 September

Tax / HMRC power grab as offshore time limits extended to 12 years

Dawn Register, partner in the tax dispute resolution team at BDO LLP considers the implications of the extension of the offshore time limit to 12 years and the increasing powers of HMRC as data from the Common Reporting Standard starts to flood in from global tax jurisdictions

Tax / Scottish government may extend LBTT stamp duty reliefs

The Scottish government is to consider the introduction of land and buildings transaction tax (LBTT) relief for investors such as pension funds and insurance companies in Scottish property, in a move welcomed by the accountancy profession

Tax / Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income

Tax / HMRC performance sees revenue and cost improvements

The latest figures from HMRC on its performance show some improvement in revenue collected and cost savings over the previous year’s quarter, but response times at its call centres have deteriorated alongside a drop in customer satisfaction