Property tax

Tax / Q&A: liability for higher rate stamp duty land tax in property transactions

In our regular Q&A, Vivienne Cheung, tax advisor at Croner Taxwise, considers the compliance issues for the 3% higher rate stamp duty when two properties adjacent to each other are purchased by a married couple, one for residential use

Tax / Spain cracks down on 'aggressive tax planning' by foreign property investors

With Spanish tax authorities prosecuting tax evaders and the launch of the beneficial owner register, anyone invested in property via a corporate structure should review their tax position. León Fernando Del Canto, a barrister at Normanton Chambers, examines the tax rules

Tax / Chancellor backtracks on plans for stamp duty reform

Chancellor Sajid Javid has moved swiftly to backtrack on claims he is considering changing the way in which stamp duty land tax (SDLT) is levied, so it moves from the purchaser to the vendor of a property, although he has indicated an overhaul of the tax regime for buying and selling homes is a top priority

Tax / Capital allowances under structures and buildings allowance (SBA)

The newly launched structures and buildings allowance (SBA) gives a 2% flat rate capital allowance tax break on expenditure incurred after 28 October 2018. Zigurds Kronbergs, tax writer at Croner-i, explains 

Tax / OTS reviews tax reporting for self employed

The Office of Tax Simplification (OTS) has launched a project to review tax reporting and payment arrangements for self-employed people and buy-to-let landlords

Tax / Number of inheritance tax investigations increases

One in four estates face investigations over their inheritance tax (IHT) payments as HMRC ramps up anti-avoidance activity with probes into £1.3bn worth of tax liability

Tax / Q&A: 'main' residence versus bolt-hole for higher rate stamp duty

In our regular Q&A, Alexandra Fielding CTA, tax adviser at Croner Taxwise, considers the capital gains tax implications if a couple sell one of their homes, currently used as the family home but not designated as the primary residence for tax purposes

Tax / Changes to CGT property reliefs under fire

Government plans to change the capital gains tax (CGT) relief regime on private residences by halving the period for main residence exemption have been heavily criticised for displaying inconsistencies with the rules on stamp duty land tax (SDLT), and for a lack of  communication to those affected

Tax / Rules for non-residential structures and buildings allowance amended

HMRC has amended the compliance rules for a new capital allowance for non-residential structures and buildings (SBA) following consultation

Tax / Q&A: tax liability for property transfer in divorce

In our regular Q&A series, Croner Taxwise consultant Steven Jones warns divorcing couples to consider the capital gains tax (CGT) implications when a residential property is transferred to one partner in the event of divorce in a no gain, no loss situation under section 58 of TCGA 1992

Tax / Wales raises £226m from property taxes under devolution

In the first year of operation, Wales has collected over £200m from property taxes through a new land transaction tax, the equivalent of stamp duty land tax in England, with average payments under £3,000

Tax / HMRC targets overseas-based UK landlords not paying tax

Nearly 400 overseas based buy-to-let landlords have disclosed unpaid tax on rental income to HMRC in the last year as the tax authorities intensifies its campaign to net offshore landlords hiding income

Tax / HMRC fails to communicate 30-day CGT payment window

Property sellers are confused about the introduction of a new 30-day payment deadline for settling capital gains tax (CGT) on second and inherited property sales, with complaints about the overly complex guidance and dearth of communications from HMRC. Sara White reports

Tax / Tax traps to watch when selling your main home

Capital gains tax on the sale of a home can be complex when main residence relief comes into play. Lisa Spearman, private client partner at Mercer & Hole, explains the key tax compliance issues to consider to avoid an unexpected tax bill

Tax / NAO warns of ‘significant’ risk to government over Help to Buy loans

The Help to Buy scheme, designed to increase home ownership, could leave the government open to ‘significant market risk’ if prices fall, and many of those using this option could have bought a property without it, a National Audit Office (NAO) report has found
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