Historically, mortgage interest has been a deductible expense for all individuals, irrespective of their marginal rate of tax. From April 2017, new rules are being phased in over the next four tax years to limit the tax relief to the basic tax rate. Previously, a full tax deduction could be taken for mortgage interest by […]

The annual investment allowance (“AIA”) has been increased from £200,000 a year (which has been the rate set since 1 January 2016) to £1m a year for 2 years from 1 January 2019 (to 31 December 2020). The AIA is an incentive for businesses to invest in capital items as it allows for 100% tax […]

The Chancellor announced in the 2018 Budget that the government will introduce a new Structures and Buildings Allowance (“SBA”), at an annual rate of 2% on a straight-line basis for new non-residential structures and buildings. Since the old Industrial Buildings Allowance was phased out in 2010, capital allowances have only been available for plant and machinery, […]

New legislation has recently been introduced (which is most likely to take effect from 1 April 2020) to charge a further 1% SDLT on non-residents buying UK residential property. This follows the additional 3% charge to SDLT for anyone buying a second home, which took effect from 1 April 2016. This will mean that shortly, […]