05 July 2019
As of June 2019, the Government introduced a draft statutory instrument for the Structures and Buildings Allowance (SBA). The SBA is intended to encourage investment in the construction of new structures and buildings for commercial use.
06 March 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.
30 November 2018
In recent years, property owners have seen quite a range of new taxes and tax rises, mainly aimed at residential property ownership. These have included stamp duty land tax rises, the introduction of the annual tax on enveloped dwellings (ATED) aimed at residential property held via companies, capital gains tax for non-UK resident owners and inheritance tax charges where property is held via an overseas company. Next year sees the introduction of a swathe of new taxes, and this time it's commercial property that's in the Chancellor's sights.
The two largest expenses of a buy to let business are capital expenditure and the interest deduction. At RSM we can advise you on the most tax efficient arrangements to help you finance and structure the purchase of a property and help you evaluate your existing portfolio.
Structuring the acquisition of residential property used to be relatively simple, however, this has changed over the last few years. Discover why it is essential to review your tax position in advance of the changes. Our RSM experts can help you protect your wealth when acquiring property.
29 October 2018
This was a budget aimed at encouraging investment for the long term through tax measures for trading businesses investing in plant, equipment and trading premises. As expected, there will be targeted measures aimed at companies that generate value through user interaction – known as the ‘digital services tax’. These have been directed at very large businesses and was an expected measure. Great care will however be needed to ensure the legislation is fit for purpose.
29 October 2018
A number of changes in the budget will impact on the property sector. The restriction on the use of brought forward capital losses against gains could increase tax exposure on disposals by companies. Extending the holding period for entrepreneurs’ relief to two years will impact on some individuals disposing of their trading companies. A number of capital allowance changes were announced which will impact on property investors.
14 September 2018
The Government published draft clauses for Finance Bill 2018-19 on 6 July 2018. The published material included draft legislation relating to the taxation of capital gains on property; notably a change to the reporting and payment on account obligations for UK resident individuals and trustees with residential property gains. The changes will take effect for disposals on or after 6 April 2020, in line with announcements made at Budget 2017.
15 January 2018
The EU referendum has created a favourable landscape for overseas investment. While volatility acts as a break on domestic spending, the weak pound creates a big incentive for international investors. In the first three quarters of 2017, Chinese investors spent £6.4bn on UK property: up from £2bn in the same period in 2015.
15 December 2017
The Treasury has issued a consultation paper introducing proposals for new tax charges for UK commercial property held through international structures. The proposals could have a significant financial impact on UK investment decisions, and could conceivably put a break on property development across the country.