This TAXguide provides guidance on the tax issues connected with let property from the point of view of the landlord. It concentrates on residential property and is aimed at practitioners who are advising individuals who have bought property as an investment, rather than commercial property development businesses. Read a summary here, Tax Faculty members can download the full guide.
This guidance provides a summary of key tax rates, allowances and reliefs for 2017/18, 2018/19 and 2019/20.
Business rates are a major tax on business, but might be overlooked by accountants. They are excluded from the tax expense shown in accounts and might not be considered as part of tax planning. Find out more about the current UK business rates regime, including how rates are calculated and why is it hard to know exactly what a business owes.
HMRC contact information, including telephone numbers, online options and postal addresses, together with tips.
Taxing business properties form an important part of the tax base for many countries, but they are often complex and in an increasingly online world can be irrelevant to an organisation’s turnover. The time has come to overhaul business property tax systems and here ICAEW outlines the options.
Guidance from ICAEW's Tax Faculty for practitioners on the latest developments in practice, policy and legislation related to property tax.
Expert commentary and practical guidance from ICAEW related to capital gains tax in the UK personal tax regime.
Features and articles
Sue Moore summarises the key recommendations from the Office of Tax Simplification’s review on inheritance tax, the administration and technical aspects.
Draft legislation from the Budget has continued to evolve and a particularly relevant section for the agricultural sector has now been published, in the form of changes to prevent landlords from exploiting main residence relief allowances.
Rebecca Benneyworth, vice chairman of the Tax Faculty, explores the forthcoming changes to capital gains tax on private residences, focusing on the 30-day payment window and giving practical examples.
We had the pleasure of hosting this year’s annual dinner at the Institute on 16 April 2019.
Jane Moore rounds up the tax items from the Spring Statement 2019, including Making Tax Digital, structures and buildings allowance, tax avoidance and evasion, national minimum wage, apprenticeship levy and forthcoming papers over the rest of the year.
For transactions with an effective date falling on or after 1 March 2019, the due date for payment of the SDLT has changed to 14 days.
An important decision was made at a First-tier Tribunal in the case of PN Bewley Ltd V HMRC.
Landlords with unlet, unoccupied commercial properties will welcome a Court of Appeal ruling that a scheme allowing them to avoid paying business rates on them is valid and lawful.
Webinars and recordings
Following on from our popular property taxes webinar in 2016 and 2017 we are running a follow up which will concentrate on let property, looking in particular at the different taxes affecting the buy to let property owners picking up on all the recent changes.
IHT is the flavour of the month, the Resolution Foundation published their take on it last week proposing a capital acquisition tax, the OTS is looking at simplification and the Chancellor promised a consultation on the taxation of trusts which will inevitably include IHT. Are they each going to come up with a different solution?
On this month's edition, the TAXtalk panel will discuss the General Data Protection Regime (GDPR), tax relief for training and rent-a-room relief.
In this edition of TAXtalk, the Tax Faculty discuss the latest Finance Bill, as well as current consultations on rent-a-room relief, MTD and intellectual property.
First broadcast on 1 December 2018. In this webinar Sarah Ghaffari will be joined by Pete Miller to discuss the tax implications of corporate reconstructions, from the tax treatment of distributions to stamp duty charges.
Following on from the popular elementary guide to the taxation of UK trusts, this webinar covers: the inheritance tax regime for relevant property trusts; the impact of the changes to the taxation of dividends; capital gains tax reliefs; and tips on parts of the legislation you may not come across often.
Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries. TAXguide 08/19 presents questions and draft suggested answers together with comments from HMRC on areas of uncertainty in the statutory provisions covering the extension of inheritance tax to overseas property.
Questions around the tax treatment of someone’s principal private residence (PPR) arise with some 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.
In TAXguide 14/18, Sue Moore answers a selection of the key questions raised by viewers of the Tax Faculty webinar ‘property tax update’’, broadcast on 9 July 2018.
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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).
An outline of allowances for small businesses provided under the Capital Allowances Act 2001. This chapter covers business premises renovation allowance, qualifying expenditure, qualifying building, and other relevant matters.
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.
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 response dated 5 September 2019 to a consultation published by HMRC on 11 July 2019.
A response dated 5 September 2019 to a consultation published by HMRC on 11 July 2019.
A response dated 20 May 2019 to a consultation published by HMRC on 1 April 2019.
A response dated 6 May 2019 to a consultation published by HMRC on 11 February 2019.
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.
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.
Detailed ATED guidance covering the charge to tax, chargeable interest and 'single-dwelling interest', the definition of 'dwelling', acquisitions and disposals, new dwellings, conversions, demolitions, reliefs, exemptions, administration, and payment.
HMRC internal manual on CGT applicable to properties that are subject to annual tax on enveloped dwellings, including guidance on computing ATED-related related gains and losses.
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