Property tax

Tax / HMRC consults on changes to private residence relief

HMRC is consulting on changes announced at Budget 2018 to lettings relief and the final period exemption, which extend private residence relief (PRR) in capital gains tax (CGT), as well as some technical aspects of the PRR rules

Tax / 2019/20 tax year: personal tax rate changes and allowances

A roundup of all the personal tax changes which come into force from the 2019/20 tax year including, an increase to the personal allowance and higher rate threshold, changes to residential inheritance tax and capital gains tax regime for non-UK residents

Tax / Filing deadlines: Apr - Jul 2019

The key HMRC filing deadlines from April to July 2019 including the start date for Making Tax Digital for VAT from 1 April with 1 July onwards for initial VAT payments, last day of 2018/19 tax year and deadline for various tax claims and elections as well as use of CGT annual allowances and annual limit for pension contributions and deadline for various tax claims and elections

Tax / Selling property through a special purpose vehicle (SPV)

Dominic Cole, associate at Collyer Bristow LLP, examines the benefits, traps and pitfalls of purchasing, holding and selling property through a special purpose vehicle (SPV) from due diligence to CGT and IHT liability for offshore purchasers

Tax / Essentials: CGT liability for non-UK residents disposing of UK land

Non-UK residents will be pulled into the capital gains tax (CGT) regime for the first time this April if they dispose of UK land and property. Nimesh Shah, partner at Blick Rothenberg, examines the key tax compliance issues and how the rules are changing

Tax / Offshore tax evasion clampdown produces 5.67m financial records

The crackdown on tax avoidance and evasion by individuals with offshore financial interests has resulted in over three million reports from overseas tax authorities to HMRC about UK residents holding funds offshore as a result of data generated through the Common Reporting Standard, reports Sara White

Tax / Buy-to-let landlord campaign fails to fill £500m tax gap

Despite HMRC’s campaign to target underpayments of tax due on rental properties, less than 3% of estimated eligible landlords have used the let property disclosure facility, according to data from Saffery Champness, which is warning that property taxation is likely to see a greater focus as landlords come under scrutiny over their tax compliance

Tax / HMRC targets accountants over tax evading clients

HMRC sent over 1,400 production orders to accountants, lawyers and other professional services firms last year demanding information on clients that it wants to investigate for suspected tax evasion

Tax / Spring Statement 2019: implementation dates effective March 2019 onwards

Our essential snapshot of the key measures announced in Spring Statement 2019, Budget 2018, Spring Statement 2018 and Autumn Budget 2017, including rule changes to EIS funds, structures and buildings allowance, digital services tax, amendments to diverted profits tax, and more

Tax / Lack of transparency on overseas property valued at £56bn

Over £56bn of properties in England and Wales are owned by anonymous companies registered in tax havens according to analysis by Global Witness, which is calling for faster government action on beneficial ownership registers

Tax / Spring Statement 2019: draft legislation on capital allowance for non-residential buildings

As part of the Spring Statement, HMRC and the Treasury have published a consultation seeking views on draft legislation for non-residential structures and buildings capital allowance, which provides relief on eligible construction costs incurred on or after 29 October 2018

Tax / HMRC crackdown on estate agents over money laundering failures

Estate agents have been hit with unannounced inspections as part of a week-long crackdown on money laundering in the property industry, while national chain Countrywide has been fined a record £215,000 for breaches of the regulations, HMRC has revealed

Tax / Stamp duty land tax payment window cut to 14 days

The payment window for stamp duty land tax (SDLT) has been halved to 14 days affecting commercial and residential property transactions while a new penalty system will also come into force with immediate effect

Tax / What does 'reasonable excuse' mean to the taxman?

A number of tax tribunal decisions every year revolve around HMRC’s interpretation of reasonable excuse, but it is the Upper Tribunal decisions which are important to watch. Meg Wilson CTA, specialist tax writer at Croner-i Tax and Accounting, examines the options for taxpayers considering an appeal and use of the reasonable excuse defence

Tax / Indirect disposals of UK land bring non-residents into CGT

Changes to the capital gains tax (CGT) rules on sales of land mean that non-UK residents will be captured by the CGT regime for the first time from April 2019, raising complex tax compliance issues, explains Stephanie Webber CTA, tax writer at Croner-i
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