With the higher end UK residential property market beginning to fizz again, don’t forget Stamp Duty nuances! There are a range of statutory reliefs from Stamp Duty Land Tax (SDLT), which have long been misunderstood by house purchasers and their legal teams, meaning that SDLT is often overpaid. One such relief (Multiple Dwellings Relief – MDR) […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
Income tax self assessment second payments on account are usually due by the 31 July 2020. HM Revenue & Customs are, however, allowing taxpayers to defer making their second payment on account if they would find it difficult to pay by 31 July 2020 due to the impact of coronavirus. This is an automatic offer […]
HM Treasury’s Office of Tax Simplification (OTS) has been instructed to carry out a review of capital gains tax (CGT) to identify simplification opportunities, and “ensure the system is fit for purpose”. The Chancellor of the Exchequer’s scoping document suggests its ostensible purpose is to identify which aspects of CGT are particularly complex and hard […]
Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector. Key points included: A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work. A kickstart job […]
In England and Northern Ireland the purchase of a second home is subject to an additional amount of Stamp Duty Land Tax (SDLT) equating to 3% of the purchase price. Where the second home is a replacement home, but there is a delay in selling the original home, a refund of the additional SDLT can […]
Early in July, the Chancellor of the Exchequer will make some announcements intended to promote a post-coronavirus recovery. The emergency measures introduced by the Government to help workers during the coronavirus crisis is said to be costing the treasury around GBP14 billion each month, and according to the Office of Budget Responsibility will increase public […]
HM Revenue & Customs (HMRC) updated its guidance on the Coronavirus Job Retention Scheme (CJRS) to include details on how the scheme will change from 1 July to include flexible working For June and July, the Government will pay 80% of wages up to a cap of £2,500 for the hours the employee is on […]
HM Revenue & Customs (HMRC) will no longer accept payment of inheritance tax (IHT) by cheque, and will not issue repayments by cheque any longer. The change in approach has been prompted by coronavirus but appears to be a permanent change. In order to receive a repayment, payee details must be sent to HMRC in […]
Whilst many property transactions may unexpectedly have been put on hold in recent weeks, UK resident individuals and trustees disposing of UK residential property need to be mindful of HMRC’s new reporting requirements. If any CGT is due on the disposal, it needs to be reported to HMRC and the CGT paid within 30 days […]
