140,000 “extra” transactions have been generated in the UK from the stamp duty holiday, but who really benefits? According to a report from the London School of Economics (LSE), homeowners saved on average £15,000 of Stamp Duty Land Tax (SDLT) from the scheme, which may be seen as a success in stimulating the housing market […]
With recent reviews into Capital Gains Tax and Inheritance Tax now complete, could this be the time for family businesses to review their approach to succession planning? If managed correctly, individuals and families who have created a large amount of wealth for themselves can see a substantially positive impact for their family dynamics and business […]
Due to frenzied market activity in the last 12 months, driven partly by the stamp duty holiday, nearly two million UK houses are now in the higher stamp duty bracket in a victory for HMRC. According to figures by property website Zoopla, 940,000 additional properties will now attract some level of stamp duty at five […]
The legalities surrounding divorce will soon be subject to modernisation, with an era of ‘no-fault divorce’ set to begin in Spring 2022. The related tax issues are likely to remain untouched and complicated, yet integral to achieving the best resolution. Careful planning of any proposed divorce settlement should help to minimise the tax cost of […]
With a sense that inheritance tax (IHT) reform is overdue, combined with a need to raise funds to alleviate the costs of the pandemic, plans for significant changes to IHT could be fast tracked by HMRC. A recent report from the Organisation for Economic Co-operation and Development (OECD) on inheritance taxation suggests radical changes to […]
Whether you’re planning to start out in property or an existing landlord, keeping up to date with rule changes around property transactions is imperative. Here’s five rules impacted by recent changes to consider: An extra 2% Stamp Duty Land Tax (SDLT) surcharge now applies if you’re purchasing a residential property in England and Northern Ireland but […]
There are multiple tax implications and ‘traps’ when owning property within the UK, here’s a few areas to look out for. Gifting property Any property gifted is subject to capital gains tax (CGT) for the person making the gift, unless between a married couple or civil partners, with the CGT amount paid the same as […]
The effects of the pandemic and rising property prices could mean a growing number of families need to consider inheritance tax (IHT). Whilst IHT is still only paid by a small proportion of the UK population, the number is growing. Chancellor Rishi Sunak announced a freezing of the IHT threshold up to and including the […]
To combat the costs from the ongoing building safety crisis, a new UK-wide tax for residential property developers is being considered by the government. A consultation has been launched on the design of a new residential property developer tax (RDPT) with the aim being to raise at least £2bn in revenue over the course of […]
With President Joe Biden pushing to nearly double the rate of capital gains tax (CGT) for the US’s wealthiest individuals, could the UK soon be looking to follow suit? The US government has given strong indication that it intends to target the ultra-rich as a means to bolster public finances to combat the colossal economic […]
