Higher rate tax relief phased out July 2020

Higher rate tax relief for buy-to-let landlords now completely phased out Higher rate tax relief on finance costs (such as mortgage interest) for landlords who own residential (buy-to-let) properties has now been completely phased out. Tax relief for landlords who are higher rate tax payers has been gradually phased out over the last three years …

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Government brings in temporary Stamp Duty reductions for property purchasers

The government has reduced rates of Stamp Duty Land Tax (SDLT) for property purchases in England and Northern Ireland. This is a temporary measure and applies to property purchases between July 8th 2020 and March 31st 2021. What will purchasers pay? Purchasers completing on a property (a main residence) valued at up to £500,000 will …

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Non-UK resident companies that own UK property must now register for Corporation Tax

You may already be aware that recently there have been several changes to UK taxes and we are putting together a series of blogs to explain the key points. This blog focuses on the change to the type of tax paid by non-UK resident companies on profits from UK property. Click here to read information …

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Changes to Capital Gains Tax in 2020 – what you need to know

The last few years have seen a number of changes to the UK’s tax regime with the latest coming into force on April 6th 2020. The changes affect the Capital Gains Tax (CGT) reporting deadlines and the amount payable when an individual sells a residential property that they have not used as their main home …

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Ban on evictions and additional protection for renters

Yesterday the UK Prime Minister, Boris Johnson, announced the Government are bringing in a law to stop any eviction proceedings commencing against tenants for at least a three-month period. The effects of the virus on the UK economy mean that some tenants may lose their jobs and be unable to pay their rent and the …

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How do I know if my buy to let landlord is reputable?

Q. I am about to rent a property that I found online. I’m worried about handing over my deposit to a fraudster so how can I check that the landlord is trustworthy? A. First of all, be very careful of renting a property that is advertised online by an individual ie not through a recognised …

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Can I gift property to my children as part of my Inheritance Tax planning strategy?

Q. Can I gift property to my children as part of my IHT planning strategy? A. Inheritance tax planning is a hot topic right now and particularly important for investors who own property as values have increased dramatically over the last couple of decades. Gifting property to children is a useful way to reduce your …

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Inherited a property? Here’s what you need to know before renting it out

If you’ve recently inherited a property, you may be considering whether to rent out with a view to receiving a rental income and a real boost to your finances.  All you need to do is find yourself a tenant and watch the cash roll in. Well, as you might expect, it’s not quite that simple! …

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Changes to tax relief for residential landlords

Q. I understand that the second phase of interest relief restrictions has now been introduced. Is there anything I should do to prepare for this?

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My tenant has lost his job and can’t pay the rent. What should I do?

Non-payment of rent is one of the issues that, understandably, landlords worry about most. We have strict procedures in place to minimise any potential losses to landlords, if for example a tenant loses their job and cannot pay the rent. Effective communication lies at the heart of this and usually gives the best outcome, as …

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What allowances are there for refurbishing my London rental property?

We usually recommend landlords review their rental property regularly and consider redecoration or refurbishment according to the rental and the amount of wear and tear.  Sometimes a simple refresh of décor and soft furnishings is enough, but lucrative corporate tenants expect to rent a managed property that is up to date. The days when tenants …

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UK inheritance tax on residential property

As Finance Director, I’m often asked how landlords and property investors are taxed when acquiring UK residential property. This month, I answer your questions about UK inheritance tax changes for non-UK domiciled and offshore companies.

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