Autumn Statement – 5th December 2013
Today we will be publishing our response to the Chancellor’s Autumn Statement and news on how our clients may be affected.
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…
DetailsBetts v Revenue – A Cautionary Tale for the HMRC Inspector
In the current climate, being tax compliant is very much “on trend”. This fits perfectly with HMRC’s natural desire to collect the correct amount of tax and so give them the moral justification to enquire into a taxpayer’s returns. Certainly, no one wants to be found to be on the wrong side. But are HM…
DetailsAnnual Tax on Enveloped Dwellings (ATED)
Taxation of High Value Residential Property The Budget on 22nd March 2013 proposed a new annual charge and an extension of Capital Gains Tax to certain ‘non-natural persons’ owning residential property with a value in excess of £2 million, alongside an increase in the stamp duty land tax (“SDLT”) rates. Finance Act 2013 was granted…
DetailsFrom 1st October all ATED returns must be submitted within 30 days of the date of acquisition
Are you or any of your clients buying a UK residential property via a non-natural person (e.g. trust or a company etc) for £2m plus? If so be aware that from 1st October 2013 an ATED return and any tax due must be submitted and paid within 30 days of the date of acquisition. Those undeterred…
DetailsFinancial Times – Saturday 28th September 2013
Mark Davies helps Lucy Warwick-Ching to answer a vexing question:- I am a UK resident and pay tax on UK sources of income and gains. But because I’m not domiciled here I only pay tax on foreign income and gains if I bring those monies to the UK. I manage how I segregate my sources…
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