Expert commentary and practical guidance from ICAEW related to the taxation of property in the UK regime, covering areas such as: ATED (annual tax on enveloped dwellings), business rates and stamp duty land tax.
In times of continuing changing partnerships, we see many property transactions within GP partnership accounts, there are several key areas to be aware of.
Julie Butler and Fred Butler look at factors driving the profitability of woodland together with a reminder of the tax reliefs and exemptions available. They go over commercial woodland, inheritance tax, APR and BPR and when woodland activity is farming, among other things.
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.
Diversified businesses need to ensure that valuable reliefs from inheritance tax are not lost by default.
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.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
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.
Questions and answers on UK tax issues and trends from the ICAEW Tax and VAT Helpline, a subscription service provided by Markel Tax.
Markel Tax FAQs are correct at the time of going to press. To check current validity, please call the ICAEW Tax and VAT Helpline.
This free TAXbite explains the rules for rent a room relief and how to apply if you or your client qualifies.
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.
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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.
Guide to completing a Self-Assessment tax return for 2017/18, with advice and worked examples covering key aspects of personal taxation in the UK.
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.
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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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