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
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.
28 August 2018
Exceeding your Pension Lifetime Allowance can be very costly, and for many it comes as a nasty surprise; but more and more people are facing a significant tax charge. Could complicated pension rules be tripping up individuals?
23 August 2018
Our social care system is in crisis and the solution it desperately needs is long overdue. But is an Inheritance Tax (IHT) exempt ISA the answer?
25 April 2018
In a surprise move, the Government has announced an extension of the existing childcare voucher (CCV) scheme, which will now remain open to new entrants until October 2018. The Government rolled out its new Tax-Free Childcare scheme earlier this year, but it is thought that concerns over the operation of the new scheme may be behind the extension.