Property

New rules for solvent liquidations

Following a rather ambiguous reference regarding proposed changes to entrepreneurs relief outlined in Autumn Statement 2015, the recently published policy paper and draft clauses for inclusion in Finance Act 2016 shed more light on the Chancellor’s intention to target “contrived schemes”. It seems the core change is not to...

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Landlords tax relief reduced

At present, landlords are entitled to claim tax relief at their top level of tax on monthly interest repayments in relation to any loan taken out to buy, improve or maintain residential buy-to-let properties (for example mortgage interest, interest on loans to buy furnishings and fees incurred when taking...

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HMRC crackdown on landlords: Letting Agents caught in the cross-fire

As HMRC continues its effort to build a ‘hit list’ of landlords and their properties to compare against tax returns, Letting Agents across the UK are being caught in the cross-fire. What is happening? Statutory Notices are being issued by HMRC to Letting Agents all over the UK, giving...

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HMRC crackdown on owners of multiple homes via CGT

As confirmed in the Budget, as of 6 April 2014, the amount of time homeowners have in which to sell a second home before being subject to capital gains tax (CGT) has been halved from 36 to 18 months. CGT normally applies to the sale of second homes –...

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Let Property Campaign: Landlords targeted for tax evasion

HMRC have announced that landlords will be the latest group to be targeted for tax evasion. The ‘Let Property Campaign‘ is a scheme aimed at landlords who may owe tax due to misunderstanding the rules or deliberate evasion. The intention behind this new scheme, due to commence in December...

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