Most people understand that when you sell your main home the profit you make on the sale is exempt from tax
When you sell your only or main home, you expect any gain you make to be free of CGT, but …
If a residential property worth up to £500,000 is purchased by one or more first-time buyers, the first £300,000 of the purchase price is exempt from SDLT. This exemption applies for property purchases completed on and after 22 November 2017.
If you have acquired a new home since 1 April 2016 you should be aware of the 3% stamp duty land tax (SDLT) supplement which applies to purchases of second and additional homes
Commercial properties which are more than three years old will not have VAT attached to their sale or rent unless the owner or leaseholder has opted to apply it. This is called the “option to tax”.
Will Stamp Duty Land Tax (SDLT) or higher rates of SDLT be payable for unmarried couples separating and re-arranging the family home ownership?
Remember there is a new restriction to the relief that landlords get for interest and associated finance charges where they are letting out residential property.
Do you have a rental property from which you only receive a small amount of income or perhaps you only have very low expenses to claim against the property? Can you make use of the new £1,000 property allowance?
After the purchase and refurbishment of a freehold property on which the VAT has been reclaimed will this VAT have to be repaid when the business closes a year or more later?
This article focuses on the developments in case law relating to serviced accommodation and holiday lettings however there have been similar principles established for BPR claims for farming and estates businesses.
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.
My client is selling a property on which he recovered VAT a couple of years ago and has been occupying for his trade, and therefore I assumed that he must charge VAT on the sale. The prospective purchaser is hoping to develop four flats to let out so he won’t be able to recover any VAT, and his accountant believes that there is a way around this because our client purchased the property for less than £250,000.