PROPERTY
VAT and conversion services
Dwellings formed from more than one building HMRC now accept that single dwellings can be formed from more than one building. Prior to this HMRC had considered that while a...
Property – trading or capital gain
HMRC have introduced a new tax rule to take effect for property disposals made on and after 5 July 2016 by overseas investors to cause them to pay UK tax. But this might catch...
VAT – Zero or 5% VAT for building works?
Following the introduction of Permitted Development Rights HMRC has clarified its policy concerning the VAT treatment of works where an individual planning application is not...
Stamp duty and mortgages
Generally on a transfer with no consideration there can be no stamp duty charge. But there is an exception if a mortgage is wholly or partly transferred. If one party assumes...
Developing the garden
With the need for more and more houses it is often tempting to sell off part of a garden for development. Done correctly there can be little if any tax to pay. But if you get...
Residential buy to lets and VAT
If you are in business as a sole trader and registered for VAT, while you do not have to account for VAT on the letting income you might be able to recover the VAT on the...
Vertical residential conversions and VAT – What is the score?
This is a bit like a football match with First Tribunal decisions going first one way and then another. Currently the score is 2-2! The point at stake is whether carrying out...
Buy to let – personal or company ownership
There is no simple answer to which is the best option, following the significant changes made to how the income is taxed when property is not held through a company. Three...
Stamp duty and second homes – relief extended
Since 1 April 2016 anyone buying a second home is liable to pay an extra 3% stamp duty land tax (SDLT) surcharge. This applies even where the situation is only temporary....
Stamp duty land tax – second home supplement and granny annexes
The extra 3% charge will not be levied on houses with annexes where the annexe cannot be sold separately and it is not worth more than one-third of the main property.
Moving a property from a company
Dividends from a company do not always have to be in cash form. They can be in specie. Provided the correct paperwork is drawn up there will be no stamp duty land tax on the...
Buy to let through a company
With the restriction of the relief for interest paid on a buy to let property to basic rate only where owned by unincorporated entities it might be worth considering acquiring...
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