Frequently Asked Questions about: Stamp Duty Land Tax – surcharge for non-residents Raising taxes on property has been an easy target for the government for a number of years. Aside from increasing the scope of capital gains taxes on property, particularly on non-residents, the 3% surcharge for second properties was one of a number of changes aimed at specifically increasing [...]
Inheritance tax - What is it and who pays it? Definition: Inheritance Tax: a tax on the estate, normally property, money and possessions, of someone who has died. Also known as IHT. The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold. Who pays: We are all allowed to leave [...]
Extended deadline to notify VAT option to tax As part of its response to the Covid-19 pandemic, HMRC extended from the usual 30 days to 90 days the period in which a taxpayer is required to notify an option to tax over property to be made. Initially this extension only applied to options made between 15 February 2020 and 31 [...]
Relaxation of 3 year rule for reclaiming 3% Stamp Duty Land Tax supplement Since 2016 purchasers of second homes have been subject to an additional 3% supplement on the SDLT they pay. This rule generally does not apply to individuals who buy and sell their main residence on the same day. However, where a seller has been unable (or unwilling) [...]
There was more content to the Chancellor’s Budget than was expected. Here are some of the most note-worthy announcements. Property As previously announced, with effect from April 2019, all non-residents who realise a gain on the sale of UK land, whether commercial or residential, will be subject to tax in the UK. They will also be subject to tax on [...]
When: Wednesday 22nd February 2017 arrival from 8am for a 8:30am start Where: Teacher Stern Offices, 37 - 41 Bedford Row, London, WC1R 4JH What: A practical session on what to do with existing residential property structures from a tax perspective Who: Sarah Cardew, Tax Partner of Teacher Stern LLP and Michael Thomas, Tax Barrister of Pump Court Tax Chambers Places are limited, [...]
What are the changes? The Government is consulting on changes which will mean that non-domiciles can no longer escape a UK IHT charge on UK residential property by owning it through an offshore vehicle such as a company or trust. The period for consultation runs until 20 October 2016 and the changes will come into effect from 6 April 2017. [...]
In this budget briefing we have focussed on the SDLT changes which bring additional complexity for residential property transactions. SDLT: higher rates on purchases of additional residential properties From 1 April 2016, higher rates of SDLT will be charged on purchases of additional residential properties e.g. second homes, holiday homes and buy to let properties. The higher rates will be 3% above [...]
Teacher Stern Tax Partner, Sarah Cardew, presented at Wilkins Kennedy’s Property and Construction seminar in November to an audience of attendees from the property, banking, accountancy and.....
Teacher Stern Tax Partner, Sarah Cardew, talks to Tax Journal about Teacher Stern, practical tax matters, what's on her Autumn Statement wish list and much more......