Property tax

Tax / Ten things that will shape the property market in 2021

The residential property market has held up well in 2020, no doubt supported by the government’s stamp duty holiday introduced as part of wider Covid-19 measures. But what, asks Henry Lowe, partner at Mercer & Hole, will shape the property market in 2021?

Tax / Richest 1% hold almost a quarter of UK wealth

The UK’s wealthiest 1% of households hold almost £800bn in assets official statistics show, raising their share of household wealth to 23%, according to the Resolution Foundation

Tax / Wales increases tax on second home sales

Wales has increased the rates of land transaction tax (LTT) on property sales with the change coming into immediate effect

Tax / Making Tax Digital: what's the long-term plan for corporation tax?

The ambitious plan to make UK tax fully digital for reporting purposes may have been delayed by the pandemic, but HMRC is still prioritising MTD for income tax and corporation tax. Croner-i tax writer Meg Wilson takes stock

Tax / HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

Tax / Tax updates 2020 part 1: personal

In a round-up of the biggest personal tax stories of the year, we look at all the non-coronavirus news, including a potential wealth tax, CGT charges on second home sales, ‘deliberate’ errors, fall in IHT receipts, buy-to-let tax hikes and pension tax relief admin discrepancy

Tax / Q&A: fitted furniture and reduced-rated building work

In our regular Q&A series, Croner Taxwise senior VAT consultant, Vivienne Scott, answers whether VAT should be charged on fitted furniture in renovated and converted houses

Tax / Capital gains tax changes self assessment taxpayers need to know

HMRC signals time is running out for anyone who sold a second home during 2019-20 to declare it on their self assessment tax return and pay the capital gains tax (CGT) that is due

Tax / Airbnb hosts must act now to avoid HMRC probe

As the online short-term rental giant passes its user data to the tax authority, RSM’s Sarah Saunders says amateur renters should have nothing to fear if they use reliefs and follow the rules carefully

Tax / Q&A: temporary rate-reduction and multiple-dwellings relief

In our regular Q&A series, Croner Taxwise, tax advice consultant Roger Bradbury, explains how multiple dwellings relief would work in a purchase following the temporary stamp duty land tax (SDLT) rate changes

Tax / Q&A: main residence capital gains tax

In our regular Q&A series from Croner Taxwise, trainee tax adviser, Alexander McCarthy explains whether a taxpayer can claim their old marital home is still their main residence for capital gains tax (CGT) purposes when it is sold

Tax / Overseas property income declarations rise 17%

There has been a steep increase in the amount of rental income from overseas property declared by UK taxpayers, which rose by 17% following a series of tax investigations campaigns by HMRC, according to analysis by Moore

Tax / HMRC’s let property campaign yield below expectations

An HMRC campaign targeted at increasing the tax take from properties which are let out is making slow progress, so far producing under a third of the yield expected, and with only a handful of landlords coming forward to make a disclosure, according to analysis by Saffery Champness

Tax / Q&A: qualifying for Principal Private Residence Relief

In our regular Q&A series from Croner Taxwise, tax adviser, Sohail Butt explains how much of the gain will qualify for Principal Private Residence Relief when selling a property

Tax / Finance Bill 2020-21: corporate interest restriction rules amended

HMRC has announced technical changes to interest restriction rules ‘to make sure the regime works as intended’ in line with the OECD’s Base Erosion and Profit Shifting (BEPS) framework