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London property and the return of international investors

As lockdown restrictions lift in the UK, we are seeing the return of international investors to the London residential property market, with demand extremely high and homes with outside space driving market activity. But, there have been tax changes that could impact the market, particularly the new 2% Stamp Duty Land Tax (SDLT) surcharge for …

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Tax planning for landlords, a tax round-up of the year 2020

This year has been challenging for all of us but another issue that landlords need to address is the tax changes that have also taken place this year or are planned for next year. Landlords should consider the implications of these tax changes according to their own personal circumstances.

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Making Tax Digital – what does it mean for landlords?

Making Tax Digital is a government initiative aimed at moving businesses and individuals (including landlords who own rental properties) towards keeping digital records and reporting digitally to HMRC instead of keeping traditional paper records. The aim is to make it easier and more efficient for businesses and individuals to maintain their tax records and submit …

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New rates of Stamp Duty for overseas property buyers from April 2021

What is the new 2% Stamp Duty that will affect foreign buyers? Chancellor Rishi Sunak announced in the recent budget that the government will be introducing a new 2% Stamp Duty Land Tax (SDLT) surcharge for overseas investors not resident in the UK who buy residential property in England and Northern Ireland. This will take …

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Stamp duty surcharge for those buying an additional residential property

What is the 3% UK Stamp Duty Land Tax surcharge? In 2016, the government introduced a 3% Stamp Duty Land Tax (SDLT) surcharge for anyone buying an additional property in the UK. This applies to additional homes, buy-to-let properties and holiday homes. The 3% surcharge still applies, irrespective of the new, reduced Stamp Duty rates …

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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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