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To view the latest updates relating to land and property advice please click on the article below:
Spring Newsletter 2022
Fuller Spurling, your local accountants in Sandhurst and Chertsey, bring you their spring newsletter covering a wide range of tax updates.
Can I gift my investment property to my children
The implications of gifting investment properties are examined including income tax, capital gains tax and inheritance tax highlighting the need for planning from Fuller Spurling.
CAPITAL GAINS TAX – PAYMENT WITHIN 30 DAYS?
If you are an individual who is currently within self-assessment you will have previously reported any capital gains due on a property sale on your personal tax return which you prepare on an annual basis. Since 6th April 2020, individuals have had to report gains on the sale of property within 30 days. This is not reported via the usual self-assessment method.
Main residence Relief
A valuable capital gains tax exemption known as Principle Private Residence Relief or “PPR” applies when a taxpayer sells their main home. There are conditions attached to this relief.
Inheritance Tax and Land
Inheritance Tax and Land : what qualifies for Agricultural Property Relief “APR” and what is Business Property Relief “BPR”
Tax Returns during Estate Administration
If an individual previously submitted tax returns to HMRC during their lifetime, in death they will need to Report taxable income in the tax year of death and prepare a tax return to report income and gains realised from the date of death until the end of the tax year
Capital Gains Tax – new payment deadline for residential sales
From April 2020 the deadline for payment of Capital Gains Tax “CGT” due from the sale of residential property will be shortened to 30 days after the date of sale.
Property Trading Companies and Business Property Relief Case Law
This article examines the challenges HMRC have raised for land and property based businesses via the courts in recent years and the ‘trading’ requirements that must be met.
Property Incorporation vs Ownership
Recent changes in government policy have had a significant impact on individual’s owning property. Changes restricting the deduction of finance costs to a basic rate of tax and the introduction of the 3% SDLT surcharge have led many of our clients to consider whether a corporate structure is a more effective way to own a property portfolio.
Inheritance Tax and the Family Home
The family home will be liable for Inheritance Tax (‘IHT’) if the value of the home exceeds the available nil rate band upon the relevant individual’s death (the surviving spouse or sole owner).