30 March 2021
Property sales have been booming recently with the stamp duty holiday, and while many taxpayers will need to report and pay their capital gains tax on residential property within 30 days, we are urging them to check whether they can submit their self-assessment tax return early instead of using HMRC’s “capital gains tax on UK property” account.
25 February 2021
Further to reports in the media, it is anticipated that the Stamp Duty Land Tax (SDLT) holiday will be extended by three months until 30 June 2021, a move which RSM welcomes.
26 January 2021
Stamp duty was introduced as a four-year temporary tax in 1694 to pay for the war against France. Over three centuries later, we’re seemingly still footing the bill as successive governments favour the easy tax revenues it generates. As the Chancellor comes under pressure to extend the Stamp Duty Land Tax (‘SDLT’) holiday, we ask the question: should we just scrap SDLT?
13 October 2020
A 2 per cent Stamp Duty Land Tax surcharge will apply from 1 April 2021 on purchases by non-residents of residential property in England and Northern Ireland, increasing the maximum SDLT rate for overseas buyers to 17 per cent. Further clarity is however required on the draft legislation to understand the full impact of the proposed test of residence to be used, as anomalies could arise.
12 August 2020
The temporary SDLT cut in England and Wales has resulted in a flood of properties coming onto the market, with vendors’ expectations reflected in higher asking prices. Whether that translates into an SDLT-driven boost in completions at higher values remains to be seen. We review the issues and conclude that second home and buy-to-let purchasers may bide their time, not entering the market until after the New Year.
Simon is a tax partner in our Nottingham office and Head of Tax for the East Midlands. Simon has over 20 years’ experience dealing with tax compliance and tax planning for businesses and their owners.
John is a corporate tax partner in our Bristol office, with over 20 years’ experience of advising across a wide range of sectors in the mid-market.
Irfan has over 15 years' experience in taxation of pan-European real estate funds, infrastructure funds and debt funds and structuring and restructuring of inbound, outbound and pan-European investments in real estate and distressed debt portfolios. He also holds a qualification in Islamic finance and have been part of the HMT/HMRC Islamic finance working group to advise on the changes to the UK taxation rules.
08 August 2019
The Government has issued a consultation paper on their proposals to charge an extra 1 per cent stamp duty land tax (SDLT) for non-resident purchasers of residential property. Find out how this could affect you.