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Tax Plus Blog

Non-resident company owners of UK property

The past few years have brought multiple changes to UK tax law applicable to owners of UK property. Many of the changes have been targeted at overseas holders of UK residential property many of whom occupy them occasionally only or not at all. Capital Gains Tax (CGT) We have already seen the introduction of CGT on disposal by non-residents of UK...


Date: 22nd October, 2018
Author: Alison Palmer

Main residence nil-rate band reminder

The ability to pass on additional wealth to younger generations free of Inheritance Tax (IHT) is forefront of mind for many of our clients. The good news is that from 6 April 2018, the new main Residence Nil-Rate Band (RNRB) legislation provides an improved position for IHT planning. In certain circumstances, this determines an extra £125,000...


Date: 22nd October, 2018
Author: Henry Lowe

Buying property for the children

Parents often want to help their children buy a first property but that is sometimes mixed with concern about the potential risk of losing some of the family wealth - for example, if the child enters a relationship that fails with the risk that some assets are shared with the partner. For the purposes of this article, the child is aged 18 or over....


Date: 22nd October, 2018
Author: Liz Cuthbertson

Tales of the unexpected : UK tax where you didn’t think you would find it….

We have seen several examples recently of overseas individuals discovering that they have a UK tax problem, even if they have never visited that country. Lisa Spearman is a partner with Mercer & Hole, a top 40 UK firm and founder member of TIAG. Lisa sets out some signposts to watch out for which could indicate that UK tax could be an issue....


Date: 19th October, 2018
Author: Mercer & Hole Media

So you think you are a non-dom?

There is a tendency mention the phrase “non-dom” and assume that it applies to anyone who has a non-UK background or alternatively that it applies only to the super rich. Neither is the whole story. It is crucial to be clear what the phrase means and check its applicability before considering the preparation of tax returns or...


Date: 13th September, 2018
Author: Lisa Spearman

Pensions, Property and Inheritance Tax

The Inheritance Tax (IHT) advantages available to non-UK domiciliaries have been curtailed by extending the scope of IHT to include all UK residential property regardless of the ownership structure in place. It is therefore an opportune time to remind or familiarise oneself with the tax efficiencies offered by contributing to a UK registered...


Date: 3rd May, 2018
Author: Michael Lapham

Residential properties – time to incorporate?

Mortgage interest relief is now being restricted for individuals holding loans to acquire residential properties for investment purposes. From 6 April 2020 income tax relief will be limited to the basic rate of income tax at 20% only for interest on buy-to-let residential properties. This restriction is already being phased in as my colleague Alice...


Date: 3rd May, 2018
Author: David Hadley

Mortgage interest relief restriction

From 6 April 2017, tax relief for finance costs (including mortgage interest) relating to residential property businesses was restricted with the changes phased in as follows: Tax year % of costs deducted from profits % of costs available as a basic rate tax reducer 2017/18 75% 25% 2018/19 50% 50%...


Date: 3rd May, 2018
Author: Alice Pearson

2017 Rebasing – A Welcome Relief

From April 2017 an individual who is a Long Term Resident (LTR) will become deemed UK domiciled for all UK tax purposes. A LTR is defined as someone who has been a UK resident in 15 of the last 20 years. Without the protection of the remittance basis this means LTRs will now be subject to Capital Gains Tax (CGT) on disposals of non-UK assets....


Date: 5th April, 2018
Author: Mercer & Hole Media

A window of opportunity to access tax efficient cash

To offer some respite following the substantial changes to the UK taxation of certain non-UK domiciled individuals from 6 April 2017, a temporary ‘cleansing’ relief is being offered to permit the rearranging of overseas funds and thereby enable tax efficient remittances. The window of opportunity for ‘cleansing’ or...


Date: 5th April, 2018
Author: Henry Lowe

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