George Osborne’s 2016 Budget contains a surprisingly broad range of new tax measures addressing everything from sporting testimonials to oil fields. However, the main changes are as follows. Companies Corporation tax will come down to 17% from April 2020. From April 2017, companies will only be able to use carried forward losses against 50% of their profits above … Continue reading Budget 2016 – headline points
From and including 17 March 2016, the calculation of SDLT on freehold and leasehold transactions in non-residential properties is changing. Purchasers (above the value threshold below) will see increases. A new band system (mirroring the changes made in relation to residential property transactions) will apply. A different rate of charge will apply to the portion … Continue reading SDLT and commercial property – Still scope to exchange by midnight
The Chancellor will deliver his 2016 Budget today. Press coverage suggests that the public finances allow him limited room to manoeuvre. We anticipate the Budget will include: final rules on the additional 3% stamp duty land tax on the purchase of second homes; a clamp down on the use of personal service companies; an update on the UK’s implementation of … Continue reading Budget 2016
SDLT From 1 April 2016, a 3% higher rate of SDLT will apply to purchases of “additional residential properties”. This charge is aimed at those buying residential property for buy-to-let or as second homes. The government states that “some” of the additional tax collected will be used to provide £60 million for communities in England … Continue reading Autumn Statement 2015 – Residential property changes
The 2015 Autumn Statement is notable for the lack of significant tax measures. The main tax announcements related to residential property (see our separate blog post). A consultation on the company distribution rules will be published later this year. The government will go ahead with changes to tax as income asset managers’ performance incentives unless … Continue reading Autumn Statement 2015
The announcements today by the Chancellor included surprises, confirmed many predictions but some topics were notably absent. Income tax rates – no major review Recent debates on income tax rates have been highly political and will continue to be so as we approach the election. The Chancellor has increased the personal allowance by £500 for … Continue reading Wish you were here: what was missing from Budget 2014?
Extension of taxation on UK residential property held by non-natural persons As one of a number of measures aimed at tackling tax avoidance, the Government is extending the package of taxes on “enveloped dwellings”, lowering the threshold so that the relevant taxes apply to residential properties worth over £500,000 (rather than only to those worth … Continue reading More changes afoot for taxation of residential properties…
Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports. We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.
Despite the gathering pace of the UK economic recovery, the Chancellor has warned that there is a “long way to go” and that 2014 will be “a year of hard truths”. With the 2015 general election looming, the Budget is likely to be more political than normal. The Chancellor has said that he will focus … Continue reading Getting ready for the Budget 2014
As part of its anti-avoidance strategy the Government has today announced the introduction of amendments to the SDLT legislation to counteract two SDLT avoidance schemes, mostly used in respect of residential property, which sought to take advantage of the SDLT subsale rules. The SDLT subsale rules address the situation where, broadly, a person enters into … Continue reading Retrospective changes to the SDLT subsale rules