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 to 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.

Amid uncertainty that government support for businesses will run beyond the six months currently stated, the flexible workspace sector is lobbying for more long-term support.

Sir Tony Redmond first recommended the idea of a simplified statement two years ago in his government-commissioned independent review. He explains why the concept is as valid now as it was then.

The Office of Tax Simplification has put forward numerous recommendations for technical and operational changes to the property tax system, including on MTD ITSA, furnished holiday lettings, and the tax treatment of repairs, replacements and improvements.

Our chart this week illustrates how tax cuts, higher interest charges and energy support packages contribute to the Institute for Fiscal Studies forecast of big increases in the fiscal deficit over the next few years.

HMRC has been consulting on the introduction of a new digital platform where businesses would be able to view all of their tax and business rates liability details. ICAEW suggests that HMRC carries out a rigorous cost-benefit analysis of the project before deciding whether to proceed.

The Welsh Government has announced changes to the main residential rates and bands of land transaction tax. The new rates and bands apply to transactions with an effective date on or after 10 October 2022.

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.

Webinar slides

This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.

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.

A response dated 21 March 2022 to a consultation published by the Welsh Government on 20 December 2021.

A response dated 22 February 2022 to the technical consultation on the business rates review published by the government on 30 November 2021.

A response dated 18 February 2022 to a consultation published by HM Revenue & Customs on 30 November 2021.

Comments made by ICAEW on 26 January 2022 in relation to the Welsh Tax Acts Etc. (Power to Modify) Bill 2022.

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.