A payment on account of capital gains tax will need to be made when a residential property is sold from April 2020. Payment will be due within 30 days of completion and the seller will have to submit a “payment on account” return at the same time. The changes affect those selling a second home or rental property. They will not apply to disposals covered by principal private r ...

As from 6 April 2015, non-residents are liable to UK capital gains tax (CGT) on the sale of residential dwellings situated in the UK. This change was implemented in order to bring the UK in line with many other countries, with an established pattern of taxing property situated in their jurisdiction. A PPR election is available where the non-resident individual spends at least 9 ...

Separation and divorce is never an easy issue to manage, however, it is important to consider the tax implications in such circumstances. Separation – the loss of the no gain/no loss treatment Assets transferred between spouses living together¹ at some time in a tax year take place at ‘no gain/no loss’ i.e. no CGT liability arises.  In years up to and including the tax year o ...

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow the shares to be received without any ...

Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed. HMRC has acknowledged the challenges in: exiting the EU and the a ...

From 22 November 2017, there is an exemption for first-time buyers from SDLT on the first £300,000 when buying a home, where the total price of the property is not more than £500,000. 5% is payable on purchases between £300,000 and £500,000. However, with devolved taxes, buying a property in Scotland and Wales can bring different tax consequences. In Scotland, Land and Buildin ...

The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. The rates are due to increase from 1 April 2018 as shown in the f ...

As well publicised, the tax relief that landlords of residential properties can claim for *finance costs is now being restricted to the basic rate of income tax.  This is being phased in from 6 April 2017 and will be fully implemented from 6 April 2020. *finance costs include mortgage interest and fees incurred when taking out or repaying loans.  The tax reduction is calculat ...

Where a let property is held by one spouse or civil partner, a transfer into joint ownership can help save income tax (IT) on the rental income where one spouse or civil partner pays tax at a lower marginal rate.  Such a transfer could also mitigate any S.24 ‘landlord tax’ (restrictions on tax relief on finance costs). Holding property in joint names may also mitigate the capit ...

New company car advisory fuel rates have been published which take effect from 1 March 2018. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or after 1 March 2018 are: Engine size Petrol 14 ...