Property tax

Tax / Buy-to-let landlords warned over CGT liability in downsizing

Recent tax changes and other government moves designed to cool the buy-to-let market are starting to have an effect, with an increase in the number of landlords with significant property portfolios wishing to downsize, but concerns around potential capital gains tax (CGT) liabilities are increasing, law firm Irwin Mitchell Private Wealth reports

Tax / Bull: UK tax base becoming too narrow

The country’s tax base is becoming too small and is causing yields to suffer, says RSM senior tax partner George Bull, who is calling for a rethink to help the public purse recover

Tax / Free software for Making Tax Digital not viable, says Xero

Accountancy software provider Xero has said providing free programmes for Making Tax Digital quarterly reporting is not practical and should not be expected as the costs to build the software and provide a good service to taxpayers are too high, reports Amy Austin

Tax / Welsh to raise stamp duty rates for £400k plus property purchases

Property buyers in Wales will be hit by a higher rate stamp duty on house purchases valued at over £400,000 in the first change to property tax as a result of new devolved tax powers which come into effect from 1 April 2018

Tax / Government invests further £10bn into Help to Buy equity loan

Due to the shortage of housing and pressure to reach out to a younger vote, the government has extended the Help to Buy equity loan, investing an extra £10bn into the scheme to help a further 135,000 people buy homes before 2021

Tax / ATT president calls for larger-scale MTD pilots

President of the Association of Taxation Technicians (ATT) Graham Batty has called on HMRC to broaden the scope of its Making Tax Digital pilots, both in terms of number of participants and duration

Tax / Help to Buy schemes help 320,000 property purchases

Official figures show the government’s Help to Buy schemes have supported over 320,000 people to buy a home, including more than 275,000 first-time buyers, with nearly all purchases taking place outside London

Tax / Offshore penalties: how to avoid falling foul of strict tax rules

Severe penalties await those who fail to correct offshore tax non-compliance as the government firms up the rules for proposed ‘requirement to correct’ (RTC) and associated penalties applying to ‘failure to correct’ (FTC). Meg Wilson considers the implications for tax advisers and clients

Tax / Lib Dems call for tougher penalties on foreign property investors

In his first speech as Liberal Democrat leader, Vince Cable has called for ‘fierce’ tax penalties on overseas residents purchasing UK property for investment purposes and outlined plans to replace student fees with a graduate tax

Tax / OTS seeks tax professionals

The Office of Tax Simplification (OTS), the statutory body which is an independent office of the Treasury and gives independent advice to the government on simplifying the UK tax system is looking for people to join its team

Tax / Draft Finance Bill (No.2) 2017 published

The government has published the draft Finance Bill (No.2), which will have its second reading in the House of Commons on Tuesday 12 September, the first time that MPs will be able to debate the proposals

Tax / December 2017 end date for HMRC payments at Post Office

HMRC has confirmed that from 15 December 2017 taxpayers will not be able to make payments for outstanding tax bills at any Post Office via cheque, cash or card

Tax / Finance Bill (No.2) to be published 8 September

The government has announced the Finance Bill will be published on Friday 8 September, following the delays caused by the April snap election

Tax / Airbnb hit by tourist tax in Quebec

The government of Quebec has reached an agreement with Airbnb to collect an accommodation tax (TSH) on all rentals in the province in what is being described as the first ‘tourist tax’ on online lettings in Canada

Tax / 3% SDLT surcharge raises extra £2bn

Property transactions over the past twelve months have remained largely flat, but the Treasury has gained an extra £2bn in tax due to the 3% stamp duty land tax (SDLT) on additional residential properties, according to analysis by Blick Rothenberg