There are three major changes on the horizon which will affect the sale of residential properties. The changes are: Replacement of lettings relief with lodgers relief Reduction of the final exempt period Reporting capital gain All of the changes come into effect from 6 April 2020. It is important to bear in mind that the … Continue reading Property Tax: Tax on the Sale of Residential Property
Landlords have been subject to a number of significant tax changes in recent times, including restrictions in the allowability of finance costs for tax purposes, which are being phased in between 2017/18 and 2020/21. With this in mind, many are contemplating the potential advantages of furnished holiday lettings (FHLs). Here we outline some key areas … Continue reading Furnished Holiday Lettings – a Tax-Free Alternative?
The government has confirmed its plans to reduce the time limit for filing Stamp Duty Land Tax (SDLT) returns and paying any tax due. First announced in 2015, the measure was due to come into effect in 2017/18, but was subject to a delay. The publication of the draft Finance Bill 2018-19 in the summer … Continue reading Changes to the Stamp Duty Payment Window
Following significant changes to the property tax regime, there are new rules which affect the cross-border purchase of property. In Scotland, Stamp Duty Land Tax (SDLT) was replaced by the Land and Buildings Transaction Tax (LBTT) for purchases made on or after 1 April 2015. In Wales, SDLT was replaced by the Land Transaction Tax … Continue reading Crossing Borders: New Rules for UK Property Transactions
For a range of reasons, perhaps including the tax changes imposed on landlords, some investors have looked to woodland as a potential investment. Indeed the commercial occupation of woodlands in the UK or EEA benefits from favourable treatment in respect of income tax, corporation tax, capital gains tax and inheritance tax. To benefit from these … Continue reading Tax Efficiency in Commercial Woodlands
The South Wales Argus covers the upcoming Gwent Landlord Forum. The first Gwent Landlord Forum of 2018 kicks off on Tuesday 30th January at the Parkway Hotel in Llantarnam, Cwmbran. The free event, sponsored by Cwmbran-based Rubin Lewis O’Brien and Green & Co Accountants and Tax Advisors, aims to educate landlords from across Newport and … Continue reading First Gwent Landlord Forum of 2018 Tackles Tech and Mortgage Products
The Welsh Assembly is to debate proposals later this month to abandon a part of the new Land Transaction Tax, which could have meant some landowners paying more tax in Wales than their English counterparts. Originally the Welsh Government had stated that when Land Transaction Tax is introduced in April 2018 (replacing Stamp Duty in … Continue reading Possible U-turn on Land Transaction Tax?
We have recently become aware of a local property owner who has been subjected to property fraud costing them over £400,000. The individual in question owned a property which he rented out to tenants over a long period of time. One of the tenants changed his name by deed poll to that of the landlord … Continue reading Property Owners Beware of Latest Scam
HMRC have released new guidance detailing examples of tax errors that landlords make. It focuses on scenarios where people become landlords but, for various reasons, are unaware of their tax obligations. Ten common reasons for people becoming ‘unintentional’ landlords have been identified, along with real life examples of each. These include: renting out a house … Continue reading Would HMRC Consider You a Landlord?
A new Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales, with effect from April 2018. The legislation is similar to the existing UK SDLT legislation, and the new LTT will be payable by the purchaser when buying or leasing a building or land, in line with a series … Continue reading New Welsh Land Transaction Tax Receives Royal Assent