Tax Advisers’ Guide to Trusts and Furnished Holiday Lettings

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Sue Moore and Simon Denton review the latest guides for tax advisers – Tax Advisers’ Guide to Trusts, Sixth Edition by Nigel Eastaway OBE, Jacquelyn Kimber and Ian Richards; and Furnished Holiday Lettings – A Tax Guide, 4th Edition by John Endacott, respectively.

Further initiatives to support COVID recovery for the Construction & Real Estate sectors

14 July: Land transaction taxes on housing purchases will reduce in Wales from 27 July 2020 until 31 March 2021 plus there is to be a £30m boost for Social Housing.

Finance Bill 2020-21: Legislation and consultations announced

21 July: The government publishes a selection of draft clauses together with consultations trailed at the Spring Budget. ICAEW’s Tax Faculty provides a roundup of the key tax developments.

Deadline approaches for reporting CGT on UK residential property

20 July: Under new rules capital gains tax (CGT) on disposals of UK residential property must be reported by 31 July to avoid a penalty, reminds ICAEW’s Tax Faculty.

Wales announces nil rate band increase for LTT

15 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Wales has announced an increase in its nil rate band for residential property to £250,000 effective from 27 July.

Scotland announces nil rate band increase for LBTT

13 July: Following the Summer Statement announcement of the increase to the stamp duty land tax nil rate band, Scotland has announced an increase in its nil rate band for residential property to £250,000 effective from 15 July.

Cuts to SDLT and VAT to support COVID recovery

8 July: No SDLT on houses up to £500,000 in England and Northern Ireland, VAT cut to 5% to support hospitality and a £1,000 bonus for retaining furloughed employees were the headline tax changes in the Chancellor’s Summer Statement

SDLT boost for homes in England and Northern Ireland

8 July 2020: The Chancellor has cut stamp duty land tax (SDLT) to encourage confidence in the residential property market following the coronavirus lockdown.

COVID-19: Updated exceptional circumstances for higher rate SDLT refunds

Updated 5 June: Homeowners in England and Northern Ireland unable to sell their home within three years of purchasing a replacement property due to the coronavirus pandemic may still claim a stamp duty land tax (SDLT) refund.

Making policies during the COVID-19 pandemic

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John Boulton considers the policy response to COVID-19.