All posts by Jacob Gilkes

Whilst not mentioned in the Chancellor’s statement, the Budget documents reveal the Government’s intention to bring offshore residents within the scope of UK tax on gains on commercial property from April 2019.  UK tax will also be extended to indirect disposals of both commercial and residential property, and the existing exemption from the charge on … Continue reading Non-residents to be taxed on commercial property gains

The Government announced today that it is to extend the Double Taxation Treaty Passport scheme (the “DTTP Scheme”) so that it applies to all lenders and borrowers, rather than just corporate lenders and borrowers. The DTTP Scheme was introduced in 2010.  It simplifies the process for claiming exemption from (or the reduced rate for) withholding … Continue reading Double Taxation Treaty Passport Scheme extended to non-corporates

Today’s Budget continued the recent trend of announcing changes to the ER regime. However, unlike previous Budgets, today’s changes generally expand the situations in which ER will be available. The main change is the extension of ER to shares held by individuals who are external investors rather than employees or directors. The Budget materials also … Continue reading Entrepreneurs’ relief – not just for entrepreneurs

Continuing the trend of making changes to the taxation of residential property in recent Budgets the Chancellor today announced three residential property tax changes: • Limiting the deduction of finance cost in respect of residential property by individual landlords • Introducing an additional inheritance tax nil-rate band for residential property • Extending inheritance tax for non-doms … Continue reading Residential property tax rollercoaster

Universities will often set up spin-out companies to commercialise the intellectual property generated by their academic research projects.  Spin-out companies are particularly common in the life sciences and technology sectors.  University academics and researchers who have assisted with the development of the intellectual property will frequently receive shares in the spin-out company as a reward … Continue reading Spinning-out entrepreneurs’ relief

HMRC have now provided further guidance on when the grant of a lease can be a transfer of a business as a going concern (“TOGC”), which is not a supply for VAT purposes.  HMRC’s previous guidance explained that the grant of a lease could be a TOGC provided that the lessor’s retained interest had a … Continue reading New HMRC TOGC guidance

In the 2012 Budget, the Government announced various measures to discourage the use of “corporate envelopes” to hold high value UK residential real estate. These measures included a 15% rate of SDLT, introduced with effect from 21 March 2012, for acquisitions of residential real estate by certain “non-natural persons” (including companies) for consideration exceeding £2 … Continue reading Removing property businesses from the 15% rate of SDLT