Property tax

Tax / HMRC ups the ante with requirement to correct tax rule

HMRC is ramping up its counter avoidance activity with a mission to target wealthy taxpayers, tough requirement to correct rules and threats of more criminal action against taxpayers, warns Dawn Register, partner in BDO’s tax dispute resolution team

Tax / Tax overhaul for overseas investors in UK real estate

Mark Cawthron LLB CTA, specialist tax writer at Croner-i, examines the plans to tax non-resident investors in UK real estate with the extensions of non-resident capital gains tax liability to companies from April 2019

Tax / Inheritance tax: time to reform overly complex rules

Inheritance tax may be paid by less than 5% of estates but it is a hugely complex system and now the Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to come up with simplification proposals. Paul Morton, tax director and Daphna Jowell, IHT review team leader at the Office of Tax Simplification (OTS) consider key problem areas requiring reform

Tax / Novated property contract was liable for VAT

The Hanuman Commercial case at the First Tier Tribunal highlights the nuances of VAT liability when novating contracts. Stan Dencher, specialist tax writer at Croner-I, examines the ruling

Tax / HMRC guidance on changes to enveloped UK dwellings

HMRC has issued guidance covering changes to enveloped UK dwellings and related finance which took effect from 6 April 2017 and limit the availability of excluded property for inheritance tax (IHT), meaning that some properties which were previously excluded may no longer fall into that category

Tax / Rental interest restriction - potential tax pitfalls for buy-to-let owners

It is important to remember that you could easily become a higher rate tax payer as a result of the mortgage interest relief restriction interest restriction, particularly relevant to buy-to-let owners, warns Lisa Macpherson, head of tax technical at PKF Francis Clark

Tax / Returning to the UK - tax charges on overseas property sale

Complex tax rules surround residency so anyone looking to return to the UK after a period abroad needs to make sure they avoid any unexpected UK tax bills if they sell property prior to their return to the UK. Gill Tallon CTA, deputy managing partner at Mercer & Hole, considers the tax issues facing a returning couple with properties to sell

Tax / Non-resident capital gains tax and penalties for late returns

Stephen Relf CTA ACA considers the penalty structure for the new rules on the charge to capital gains tax on residential property which is now extended to non-UK residents and requires a 30-day filing requirement, especially since HMRC lost the McGreevy case

Tax / FTT quashes tax barrister’s inaccuracy penalties

A tax barrister has won part of an appeal against three penalties for inaccuracies, after a First Tier Tribunal (FTT) found he had relied on professional accountancy advice and could not be expected to have specialist knowledge of all areas of taxation

Tax / Dodwell and Prosser review key tax changes in 2017

In a busy year of complex tax changes, two Finance Acts set out a raft of new measures for businesses and individual taxpayers. Bill Dodwell CTA ACA, partner and head of tax policy at Deloitte and Kevin Prosser QC set out the key tax developments of 2017

Tax / Update to SDLT guidance as Wales introduces land transaction tax

HMRC has updated its guidance on how to make online returns for stamp duty land tax (SDLT) to reflect the fact that from 1 April 2018 SDLT will no longer apply to property purchases in Wales, which is introducing its first devolved tax for 800 years from that date

Tax / Scotland to introduce two new tax bands

Income tax is to increase for Scottish taxpayers in the middle income bracket after finance secretary Derek Mackay announced radical reform in his Budget

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of Budget 2017 essentials, we review the key tax measures announced in a slimline event, from £155m allocated to combat tax avoidance and evasion to HMRC adopting a points-based penalty system for late tax returns, digital companies face royalty tax, capital gains tax indexation allowance frozen

Tax / Case: late non-resident CGT filing appeal allowed in Saunders

A taxpayer's appeal against the issuing of late filing penalties by HMRC, after she failed to file a non-resident Capital Gain Tax (CGT) return on time, was allowed by a First Tier Tribunal (FTT) after it found that there was a reasonable excuse

Tax / Maas: Chancellor made little impact in Budget

Philip Hammond's policy announcements in the Budget 2017 will ultimately have little impact, says CBW tax partner Robert Maas