WEBINAR RECORDING: UK Landlords: Where Are We Now?
On Wednesday, 30th October 2024, we hosted a webinar entitled ‘UK Landlords: Where Are We Now?’. During this session, we covered: Latest tax news and developments relating to UK individual landlords The current CGT position and planning relating to such landlords The expenditure which can be claimed for income tax purposes The IHT position […]
Multiple Dwellings Relief (MDR) to be abolished
Written by Tax Partner, Thomas Adcock The Stamp Duty Land Tax (SDLT) relief know as Multiple Dwellings Relief (MDR) will be removed for completions taking place after 1 June 2024. Currently, where multiple properties are purchased at the same time, MDR applies to reduce the rate of SDLT payable. Property transactions with contracts which […]
Personal landlords: The Capital Gains Tax (CGT) regime
Individual landlords renting out residential property have to comply with a very stringent tax regime at present. They have to disallow their buy to let loan interest for higher rate income tax purposes. They can only claim relief when they replace the furniture and they have to pay an extra 3% stamp duty land […]
Landlords – Some practical tax tips
Written by Gravita Tax Consultant, Tim Palmer UK individual landlords have a lot of penal tax legislation directed towards them. I have specialised in the taxation of such landlords for many years now. Accordingly, I am going to list out reminders of some of the tax issues and requirements, together with any planning opportunities available. […]
Common issues with VAT and Property
VAT Partner, Sandy Cochrane, has created a comprehensive video addressing common issues associated with VAT and Property. The intricacies of VAT in land and property transactions are complex, so it is important to understand the nuances. Accurate reporting of VAT is imperative to prevent potential penalties from HMRC. Historically, VAT has been considered a ‘support […]
Should I incorporate my buy to let property business?
Written by Tax Partner, Michaela Lamb Since the announcement made in the 2015 Summer Budget introducing a restriction on the tax relief provided on mortgage interest for individuals, the most common question we have been asked is “Should I incorporate my Buy to Let Property Business?”. Translated this is simply, “should I put my property […]
Stamp Duty Land Tax (SDLT) – A Beginner’s Guide
What is SDLT? SDLT is a capital tax payable by the purchaser of both freehold and leasehold interests in property and land situated in England or Northern Ireland. It is calculated by reference to a percentage(s) of the chargeable consideration. This would usually be the property’s purchase price though it can also include the release […]
Mixed use property portfolio – 7th November 2023 deadline to submit certain annual adjustments for VAT periods ending on 30 September 2023
Written by VAT Partner, Sandy Cochrane It is commonplace for taxpayers to own UK property which contains a mixture of residential and commercial. For example, where a building will have commercial premises on the ground floor, and residential premises above. These taxpayers are likely to be partially exempt for UK VAT purposes, receiving taxable income […]
Business property relief: IHT exemptions for business activity
Written by Tax Partner, Parminder Chattha Inheritance Tax (IHT) is chargeable on the value of an estate when someone dies, although it could also be chargeable on certain lifetime transfers, as well on property held within a relevant property trust. The rate of tax is 40% above a certain exempt amount, and there are various […]
Rules for the reporting and payment of capital gains tax for the disposal of UK residential property
Written by Tax Partner, Michaela Lamb HMRC introduced new rules for the reporting of capital gains tax from 6th April 2020. We have set out below a list of FAQs which we hope will assist you in understanding these rules. I have sold a UK property, what do I need to tell HMRC? If […]