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Changes to main residence relief

2019-09-02T11:42:40+01:00September 13th, 2019|Categories: Blog, Property|Tags: , , , , , |

In his Budget on 29 October 2018, the Chancellor outlined a number of changes to main residence relief. The changes affect the final period exemption and the availability of lettings relief, which applies where a property which has at some time been an only or main residence, is let out. Main residence exemption No capital gains tax is payable on a gain arising on a property which throughout the period of the taxpayer’s ownership has been his or her only or main residence. If the property has been an only or main residence at some point, the taxable gain [...]

Stamp duty land tax on non-residential properties

2019-09-02T11:32:13+01:00July 13th, 2019|Categories: Articles & Guides, Blog, Property|Tags: , , , , |

Stamp duty land tax (SDLT) is payable in England and Northern Ireland on the purchase of property over a certain price. It applies equally to residential and non-residential properties, although the rates are different. Stamp duty land tax is devolved with land and buildings transaction tax (LBTT) applying in Scotland and land transaction tax (LTT) applying in Wales. Non-residential property As the name suggests, non-residential property is property other than that which is used as a residence. This includes commercial property, such as shops and office, agricultural land and forests. The non-residential rates of SDLT also apply where six [...]

Annual tax on enveloped dwellings

2019-09-02T11:29:08+01:00July 2nd, 2019|Categories: Articles & Guides, Blog, Property, Taxation|Tags: , , , |

The annual tax on enveloped dwellings (ATED) is a tax that applies, in the main, to companies owning residential property which is valued at more than £500,000. The tax only applies on properties that are classed as ‘dwellings’. This is a property where all or part of it is used as a residence, for example a house or a flat. The ‘dwelling’ also includes the property's gardens or grounds. However, properties such as hotels, guest houses, boarding school accommodation and student halls of residence fall outside the definition of a ‘dwelling’, and thus outside the scope of the tax. [...]

Spring Statement 2019

2019-09-02T11:21:53+01:00March 15th, 2019|Categories: Spring Statement|Tags: , , , , |

Summary Chancellor Philip Hammond has delivered his 2019 Spring Statement to the House of Commons. A supporting Written Ministerial Statement (WMS) provides more detail on some of the announcements in the Spring Statement, and sets out details of other forthcoming government policies. Mr Hammond opened his Statement by acknowledging that the most urgent task at present is to 'lift the uncertainty', but he also added a positive note, stating that the 'economy itself is remarkably robust'. The Chancellor indicated that if the UK does leave the EU with a deal, there will be an economic boost due to a [...]