Property tax

Tax / Snap election kills off probate fee proposals

The snap general election has derailed controversial plans to increase probate fees, dubbed a ‘stealth death tax’, as the Ministry of Justice (MoJ) has said there is now insufficient time for the necessary legislation to pass through Parliament

Tax / Guidance issued on trading and property tax allowances

HMRC has published detailed guidance on how to claim new annual tax-free allowances for property or trading income, a week after they were introduced and following complaints that many potential claimants were in the dark about the arrangements

Tax / HMRC issues guidance on nil rate band for IHT

HMRC has published guidance on the new rules for estates about claiming an additional inheritance tax (IHT) threshold when the family home is left to direct descendants, which came in to force on 6 April 2017

Tax / Probate fees hike challenged as unlawful ‘death tax’

Ministry of Justice (MoJ) plans to increase probate fees to up to £20,000 have been thrown into doubt after a parliamentary committee said the department was seeking to impose a tax on estates, rather than a fee related to a transaction, which is beyond its powers

Tax / Government consults on foreign owners property register

The government is going ahead with plans to create a register of UK property owned by foreign companies with the launch of a six-week consultation on the proposals for a property register

Tax / Wales introduces first new tax in 800 years

In a historic move, the National Assembly for Wales has passed the bill which will introduce the first new Welsh tax in 800 years, a land transaction tax which will replace stamp duty land tax and will come into effect on 1 April 2018

Tax / Risk of low take-up of property and trading allowances

The Low Incomes Tax Reform Group (LITRG) is warning of the risk that individuals could miss out on new property and trading allowances coming into effect from tomorrow, because of a lack of guidance on their introduction, which it says will limit take-up

Tax / Government to set up overseas property owner register

Plans to set up a register to monitor ownership of UK properties by overseas purchasers and shell companies look likely to go ahead with the government confirming that the Department for Business, Energy and Industrial Strategy is working on proposals and a consultation will be released in the coming weeks

Tax / Tax data: CGT data, HMRC rates of interest - Apr 2017

Download the HMRC CGT indexation allowance for December 2016, RPI Index for February 2017 and HMRC rates of interest, changes to stamp duty land tax (SDLT) and land and buildings transaction tax (LBTT) rates, and more

Tax / Tax filing deadlines: Apr-Aug 2017

The key HMRC filing deadlines from April to August 2017 including registration deadline for payroll benefits in kind, ATED five-year revaluation deadline, company car notifications and online CIS returns

Tax / OTS encourages discussion on tax complexity

The Office of Tax Simplification (OTS) has published a focus paper on tax complexity, together with updated versions of its various complexity-themed papers, in a bid to encourage greater discussion of options such as ‘layered legislation’ and ways to regularise thresholds

Tax / SDLT payment window cut delayed until April 2018

The implementation of the 14-day window for filing and payment of stamp duty land tax (SDLT), reduced from 30 days, has been delayed to April 2018 after conveyancers expressed concerns over dealing with complex transactions while complying with the new time frame

Tax / Non-resident companies owning property to pay income tax and CGT

The government is consulting on the capital gains tax and income tax liability of non-resident companies owning UK property with a view to bringing their taxable income and/or gains from the disposal of certain UK residential property interests, within the UK tax regime for the first time

Tax / Budget 2017: implementation dates effective April 2017 onwards

Our essential snapshot of the key measures announced in Budget 2017, Finance Bill 2017 and NICs Bill, including NICs hike for self employed, dividend tax-free allowance slashed to £2k, overseas pensions transfers (QROPS) face potential 25% tax surcharge and Making Tax Digital rollout delayed for smallest companies and landlords sub-VAT threshold

Tax / Budget 2017 briefing: key measures at a glance

In our roundup of the Budget 2017 essentials, we review the key tax measures announced in a slimline event, from the unexpected hike in national insurance rates for the self employed to a cut in the tax-free dividend allowance, potential tax liability for pensions transferred overseas, corporation tax cuts and VAT roaming charges for long haul travellers for the first time