Property tax

Tax / FB 2018-19: Stamp Duty waived for failed banks’ creditors

Under new government legislation, Stamp Duty liabilities will be abolished for share capital transfers issued under the terms of the Banking Act 2009’s resolution stabilisation powers when a financial institution is danger of collapse

Tax / FB 2018-19: HMRC extends tax regime to include property gains for non-UK residents

HMRC has released draft legislation on extending the scope of corporation tax and capital gains tax (CGT) to include gains on disposals of interests in non-residential UK property as well as shortening the CGT payment window for residential property gains

Tax / FB 2018-19: rent-a-room relief clampdown will target gig economy

The government is clamping down on abuse of rent-a-room relief with new rules on shared occupancy to ensure the tax relief is used for lodgers, not as a boost for gig economy renters, from April 2019

Tax / Government releases draft legislation for Finance Bill 2018-19

The government has issued draft Finance Bill 2018-19, including draft legislation for at least 33 significant measures affecting employment tax, simplification of Gift Aid, company car tax liability, Making Tax Digital penalty regime and new rules for tax under IFRS 16 Leases, reports Sara White

Tax / FB 2018-19: SDLT payment window shortened to 14 days

From 1 March 2019 the time limit that individuals have to file a Stamp Duty Land Tax (SDLT) return and pay any tax due has been shortened from 30 days to 14 days

Tax / Bull: are tax policy and populism pulling in opposite directions?

Announcing unexpected tax changes on Budget day without prior consultation will always be open to public opposition, as has been seen in the past with the majority of unwelcome taxes being abolished just days later, explains George Bull, senior tax partner at RSM

Tax / Scotland introduces first-time buyer property tax relief

Around 80% of first time home-buyers in Scotland are set to pay no tax on their purchase following the introduction of a new relief on 30 June, the Scottish government has said

Tax / Property tax confusion hits Bank of Mum and Dad

Attempts by the government to help first-time buyers onto the housing ladder could actually be pricing them out of the market because of anomalies in the way new stamp duty land tax (SDLT) rules operate

Tax / HMRC wins £50m ‘Project Blue’ tax challenge

HMRC has claimed victory in the Supreme Court in a long running battle which will see property developers pay £50m of stamp duty land tax (SDLT) on the purchase of the former Chelsea Barracks in London more than ten years ago

Tax / Scotland clarifies devolved land tax exemptions

The Scottish government has confirmed that it will introduce legislation clarifying that a tax exemption for businesses transferring ownership of property within a group of companies using shares as financial security has been available since the introduction of Land and Buildings Transaction Tax (LBTT) in 2015

Tax / Case: higher rate SDLT relief was not available

Tax / Buy-to-let landlords face shorter CGT payment window

Owners of second homes and buy-to-let (BTL) landlords face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020, the Association of Taxation Technicians (ATT) is warning

Tax / Housing market dip threatens tax take

House sales continue to slide, with the number of property transactions in April 12.5% lower than the previous month, according to the latest statistics from HMRC, putting pressure on the tax take from stamp duty land tax (SDLT)

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