From 6 April 2020 non-UK companies owning UK property became subject to UK corporation tax (CT) rather than income tax regime. This has several technical and tax consequences for Non Resident Landlords (NRL) which I will address in today’s blog. Practical changes in filing requirements
On Tuesday HMRC released figures which showed a 10% decrease in stamp duty receipts from residential property over the last year. The tax collected fell by more than £900m in 2018-19 to £8.4bn which marks the largest drop since 2008 when the financial crisis drove
We have written previous blogs regarding the non-resident landlord scheme which applies to any landlords who live abroad for more than 6 months a year, even if you are a UK resident for tax purposes. If you rent out a property in the UK you
Under existing legislation, non-resident individuals are required to complete a Non-Resident Capital Gains Tax Return within 30 days of the sale of any UK residential property. They are also required to calculate the CGT liability arising and make a payment on account of the full
Boris Johnson has been elected as the Leader of the Conservative Party and will become the Prime Minister of the UK today, 24/07/2019. During the race to succeed Theresa May, Johnson announced at various occasions taxation and spending changes. So, what are the details of
The Let Property Campaign gives an amnesty to landlords who owe tax on undisclosed income through letting out residential property in the UK or abroad. This is an opportunity for residential landlords to put their tax affairs in order in a simple, straightforward way and
Currently, where a CGT liability arises for UK residents on the sale of a residential property, the liability is declared through self-assessment tax returns and payable by 31 January following the tax year in which the gain arises. From April 2020, where there is a
From 6 April 2019, non-residents will be subject to UK Capital Gains Tax on the sale of UK commercial property. This came in to effect for UK residential property from 6 April 2015. The new regime also extends to indirect disposals through sales of interests
There are many ways to invest in UK property – the most common ways to do so are as an individual or via a company. One other way to do so is through an LLP. What is an LLP? An LLP is a type
