ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
Questions around the tax treatment of someone’s principal private residence (PPR) arise with frequency and all too often the answer is not as straightforward as might first appear. This guide considers the core rules, the traps and the key items to be aware of to help clients through this area of tax law.
The requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential property separately from the self assessment tax return was introduced in April 2020. The deadline is 60 days for all completions on or after 27 October 2021. Disposals occurring before this date had to be reported within 30 days. Non-residents have had an obligation since 2015. ICAEW’s Tax Faculty provides guidance on the digital service for reporting disposals to HMRC.
An update to guidance from ICAEW, STEP, CIOT and The Law Society on areas of uncertainty in the statutory provisions for Inheritance Tax on Overseas Property Representing UK Residential Property introduced by Finance Act (No 2) Act 2017.
Features and articles
Investment zones were refocused at the Spring Budget 2023. They are intended to grow the economy by focusing on places with significant unmet productivity potential and building on their existing strengths. How do they compare to freeports?
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
Real Estate Investment Trusts (REITS): The government is publishing draft legislation to make further improvements to the operation of the tax rules for Real Estate Investment Trusts. As well as engaging on the detail of these provisions, the government will continue to consider the case for other reform options.
The consultation focuses on proposed changes to prevent abuse of empty property relief and the “next in use” exemption involving charities and community amateur sports clubs (CASCs). It also asks for evidence relating to other rates avoidance and evasion behaviour including the existence of “rogue agents” that promote such behaviour.
It was announced in the Autumn Statement that the business rating eligibility of properties used as furnished holiday lets would change from 5 April 2023.
Retail was one of the industries hit hardest in recent years due to myriad changes, and they’re still struggling. Is regulation holding them back?
Governments are constantly communicating spending decisions to the public, but providing exact details of where and how tax revenue is used has proven difficult.
The UK’s national tax burden is on the up and people’s expectations of fiscal policy are shifting. We tour the globe to discover how the UK’s taxes compare internationally.
Webinars and recordings
This session with Rebecca Benneyworth will focus on furnished holiday let (FHL) tax, tax admin framework, capital gains tax 30 day rule and environmental taxes.
PwC's Gillian Banks, Vicky Smallwood from PKF Francis Clark and Frank Haskew, Head of ICAEW Tax Faculty, explain the new rules on capital gains tax (CGT) on residential property.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property.
Comprehensive practical guide on the full range of UK taxes, containing worked examples throughout.
'One stop shop' guidance on the tax aspects of buying, running or selling a residential buy-to-let property business.
Guide explaining the practical and technical aspects of capital allowances and the related tax reliefs on property.
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK. The new edition is updated in line with recent case decisions, revised guidance from HMRC, the provisions of Finance (No.2) Act 2023 and recent case decisions.
Essential guide for accountants advising clients on inheritance tax planning, addressing IHT and estate planning issues.
A comprehensive guide to property tax, highlighting available tax planning opportunities as well as potential pitfalls.
Annual title providing clear advice on all elements of the taxation provisions relating to land transactions.
The Library & Information Service provides a collection of eBooks as a benefit of membership. Please log in to access these titles. If you are unable to access an eBook, please see our Help and support or contact firstname.lastname@example.org.
An overview of taxation of property as it pertains to small businesses in the UK, determined by the Income Tax (Trading and Other Income) Act 2005. This chapter has sections on the basis of assessment, relief for capital expenditure, losses, and furnished holiday lettings (FHLs).
This chapter shows how a UK taxpayer's property income is calculated, with reference to the Income Tax (Trading and Other Income) Act 2005. It explains how property income is defined, allowable expenditure, capital expenditure, losses, less premiums, and furnished holiday lettings. The calculations are illustrated with examples.
A short note explaining how to calculate lease premiums under property tax.
A short overview of stamp duty land tax (SDLT) payable on UK land transactions, with a brief note on stamp duty reserve tax (SDRT).
Brief chapter introducing the taxation of property income, with subsections on lease premiums, the kinds of expenditures which are tax deductible, relief for certain capital expenditures, loss relief, and furnished holiday lettings.
Guide to the UK tax system for tax practitioners and students.
Property tax reliefs in the UK have evolved to conform with EU tax law. This chapter looks at the option to tax commercial property, with sections on the effect, scope, process, duration and revocation of the option.
The transfer of a business as a going concern is relevant to occupiers and investors. The provisions for TOGC mean that no VAT needs to be charged on the value of the assets; this system can also reduce the stamp duty and land tax (SDLT) bill.
A representation dated 22 June 2023 to a consultation published by HMRC on 27 April 2023.
A representation dated 8 June 2023 to a consultation published by HM Treasury on 15 March 2023.
A representation dated 11 May 2023 to a consultation published by the Scottish Government on 17 March 2023.
A representation dated 4 April 2023 to a consultation published by Scottish Government on 8 February 2023.
A response dated 23 September 2022 to a consultation published by HMRC on 20 July 2022.
A response submitted on 29 July 2022 to a consultation published by the Department for Levelling Up, Housing & Communities on 30 May 2022.
A response submitted on 25 May 2022 to a consultation published by the Office of Tax Simplification (OTS) on 28 April 2022.
ICAEW’s response to HM Treasury’s consultation on online sales tax. ICAEW is concerned that an online sales tax (OST) will not address the imbalance of the costs of business rates borne by those retailers with physical premises versus the lower establishment costs of e-commerce sellers but will only serve to create extra complexity and increased compliance burdens.
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Information for businesses buying land or buildings in a Freeport tax site on how to qualify for SDLT relief, how much they can claim, how to claim, and examples.
Measure introduced in Budget 2021 offering full relief from SDLT on the purchase of land or property within Freeport tax sites in England, once they have been designated.
HMRC hub with links to guidance on filing SDLT returns, tax on specific transactions, stamp duty before December 2003, and exemptions.
HMRC internal manual providing guidance on SDLT, including information on reliefs and exemptions.
Annually updated helpsheet explaining the relief available on the disposal of a private residence. Sections cover who qualifies, CGT for non-residents, Letting Relief, calculating partial relief, residence for a dependent relative, and disposal of a settled property by trustees.
HMRC internal manual providing guidance on private residence relief, including definitions, computation, and division of residence on separation or divorce.
Guidance on the reliefs available on business rates for small businesses, businesses in rural areas, charities and community amateur sports clubs, businesses starting up or relocating to an enterprise zone, and businesses suffering financial hardship.
Official guidance aimed at tax payers on local government business rates, including information on your rateable value and reliefs, refunds and rebates.
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