PROPERTY
Changes to Option To Tax (OTT) procedures
As of 1 February, HMRC has changed its procedure for notifying an option to tax (OTT) on properties. The two stages to making a valid option remain the same: The...
SDLT rates cut, even for landlords!
The chancellor has announced that the rates of Stamp Duty Land Tax (‘SDLT’) were reduced from 8 July 2020 and will remain reduced until 31 March 2021. So, if you are...
Structures and Buildings Allowance (‘SBA’) – are they worth the effort?
This article deals with the structures and buildings allowance. Originally introduced on 29 October 2018, HMRC have updated the allowance from April 2020. Are you intending to...
Sale of UK Residential Property – Awareness of new rules
The government implemented changes to the Capital Gains Tax (‘CGT’) rules from 6 April 2020 in relation to the sale of UK Residential Property. The previous rules required...
Stamp duty land tax (SDLT)
1. For transactions with an effective date (usually completion) on or after 1 March 2019, the due date for the payment of SDLT is now 14 calendar days after the effective...
Divorce and Property!
Divorce and jointly owned property portfolios If a large portfolio of investment properties are owned by either one or both spouses, it can prove difficult to reach agreement...
ATED – Do you know when your return is due?
Have you completed your 2018-19 ATED return due by 30 April? The Annual Tax on Enveloped Dwellings (“ATED”) applies to companies that own UK residential property valued at...
Landlords and carpets
Do landlords get tax relief when replacing a carpet? This is at face value a simple question but often causes tax advisors difficulty, mostly because the rules keep changing!...
BPR and estates
If shares qualify for 100% business property relief no inheritance tax is payable but if those shares are left to a surviving spouse the relief is wasted as such transfers are...
When is your home not a home?
In a recent case HMRC tried to deny capital gains tax private residence relief where an individual bought a property “off-plan” arguing that the ownership period started from...
No residence held at death – Main residence nil rate band
Even if no residence is owned at death, or a smaller residence owned due to downsizing, the additional residence nil band may be available if the lower value residence and...
Reclaiming VAT on house extension
There are two ways to account for private use of a business asset. If it is not a capital item you can claim all the input tax and then pay VAT on the value of the private...