The Taxation of Residential Property July 2012

July 2012 The Budget 2012 saw the Chancellor announce a raft of measures targeted at tax avoidance on valuable residential properties. We had a new 7% rate introduced for residential properties worth over £2 million and a new super rate of 15% for any such properties “enveloped” by non natural persons. Despite the rhetoric about…

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Tax relief on property – some advice from Tom Trewby in the Financial Times

Tax relief on property is discussed in the Financial Times this morning, as one reader poses the question – “If I convert a barn on my farm estate into a house for my son to live in, can I claim tax relief on the conversion?” Tom Trewby advises that costs cannot be offset against farming income,…

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Statutory Residence Test – Finance Bill 2013

28th March 2013 As confirmed in the 2013 Budget, a statutory residence test will be introduced with effect from 6 April 2013. Ordinary residence will also be abolished for most tax purposes from this date. How will the new residency rules affect our clients? Clients who are already resident in the UK are unlikely to…

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Spring Budget 2016 – Essential Tax Update for Non-doms

George Osborne’s eighth Budget (and my 22nd commentary) did not fail to deliver surprises. It is expected that a Chancellor will take the opportunity to use the Budget to throw sweeteners at the electorate. This year the Chancellor did that literally with the announcement of a Sugar Levy. Headlines Corporation tax is getting a revamp…

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Rumours of extending UK CGT on UK property to Non Residents

There is an extraordinary anomaly when it comes to the taxation of capital gains on UK property. This is because foreign investors are not subject to Capital Gains Tax at all, while UK resident individuals are. At first glance this seems unfair, and there have been recent articles in the press which suggest that George…

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