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Tax Plus Blog

Update on the Annual Tax on Enveloped Dwellings (ATED)

As highlighted in Alison Palmer’s article within this Property Plus publication, we are already aware that the protection from UK IHT with the use of a non UK company to hold UK residential property will be removed. However it does trigger the need to question the overall costs versus the benefit of such a company. Where ATED is charged and...

Date: 17th June, 2016   |   Author: Liz Cuthbertson   |   Comments: 0

How best to own a UK residential property for non-doms?

Individuals who are domiciled outside the UK will be aware that their exposure to UK Inheritance Tax (IHT) is limited to their UK assets. Any foreign assets owned by foreign domiciliaries remain outside the scope of UK IHT until the individual becomes deemed domiciled (broadly once they have been resident in the UK in more than 15 out of the...

Date: 17th June, 2016   |   Author: Alison Palmer   |   Comments: 0

Gift of land to charity

Gifting land or buildings, say a buy-to-let residential or commercial property, to a charity in ones lifetime could be an attractive option to those who have earmarked a proportion of their estate for charity. It is worth remembering that following rules introduced in 2012, where an individual leaves at least 10% of their estate to charity...

Date: 17th June, 2016   |   Author: Lynsey Lord   |   Comments: 0

Advantages of Furnished Holiday Lettings examined

Where a furnished rental property qualifies as a Furnished Holiday Let (FHL) some significant tax advantages are available.  We examine those along with the detailed conditions within this article. What type of properties qualify as FHLs? The current qualifying conditions are that the property must: be within the European Economic Area;...

Date: 17th June, 2016   |   Author: Chris Hadley   |   Comments: 0

Making property simple: Consider insurance to fund Inheritance Tax bills?

Property forms a significant part of nearly everyone’s estate and for most it is considered their main asset. Against the backdrop of the nil-rate band on death remaining stubbornly low, and frozen until 5 April 2021, the tax take faced can be significant especially with prices continuing to rise faster than inflation. Given the illiquid...

Date: 17th June, 2016   |   Author: Iain Muffitt - Financial Adviser   |   Comments: 0

The residence nil-rate band

The Summer Budget in July 2015 announced an enhanced nil-rate band to effectively exempt £1 million of assets from Inheritance Tax (IHT). The proposals have been around for a while and on the surface even sound quite simple, but we thought it would be worth considering them here because the detail is complicated! The enhancement is coming in...

Date: 17th June, 2016   |   Author: Daniel Bisby   |   Comments: 0

Principal Private Residence relief: Where are we now?

PPR, also known as main residence relief, remains an important and worthwhile tax relief. For the majority of individuals, the family home is often the most valuable asset they will ever own. Where a family home has been occupied as an individuals only or main residence throughout ownership, PPR will fully exempt any profit on disposal from Capital...

Date: 17th June, 2016   |   Author: Charmain Alway   |   Comments: 0

Fall in the rate of CGT: Non-UK residential property

It is good news that the top rate of Capital Gains Tax (CGT) was reduced from 28% to 20% with the basic rate falling from 18% to 10% on disposals made on or after 6 April 2016.  However, the reduced rates do not apply to gains realised on residential property (that do not qualify for private residence relief).  Don’t forget that...

Date: 29th April, 2016   |   Author: Alice Steidl   |   Comments: 0

Budget 2016 CGT – shock reduction!

It has long been speculated that the rate of capital gains tax (CGT) might rise to close the gap between the rates of income tax and CGT. In a surprise announcement the top rate of CGT will reduce from 28% to 20% with the basic rate falling from 18% to 10% on gains. This will affect disposals made on or after 6 April 2016. It is...

Date: 17th March, 2016   |   Author: Gill Tallon   |   Comments: 0

Budget 2016 Stamp Duty Land Tax changes

Commercial Property The Stamp Duty Land Tax (SDLT) charged on purchases of non-residential properties and transactions involving a mixture of residential and non-residential properties is to change with effect from 17 March 2016 from the existing “slab” rate structure to a “slice” rate structure. This will bring it into...

Date: 17th March, 2016   |   Author: Chris Hadley   |   Comments: 0

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