Changes ahead for agricultural property relief
[ad_1] Environmental land management and ecosystem service markets consultation outcome published, with updated legislation for changes to geographical scope of relief. In 2023, the government held a consultation and call for evidence on the taxation of environmental land management and ecosystem service markets. The consultation outcome, published alongside the Spring Budget 2024, highlights some key […]
Opportunity to report UK property disposals on SA return only
[ad_1] Vendors disposing of UK residential property late in the tax year may be able to report via their self assessment tax return only, paying by 31 January, if they submit the return quickly enough. Normally when an individual sells a UK residential property at a gain, they are required to submit a capital gains […]
Paper return for UK property CGT reporting download form
[ad_1] The capital gains tax on UK property (CGT PPD) return has been published on HMRC’s website. Those submitting paper returns can now download the form instead of having to request it from HMRC by phone. Taxpayers who have sold a UK residential property at a gain must submit a CGT PPD return within 60 […]
HMRC targets offshore corporate property structures
[ad_1] HMRC will soon have information from the register of overseas entities at Companies House. It plans to use this information to investigate taxpayer’s arrangements. The register of overseas entities was launched in the summer of 2022. Held by Companies House, it requires overseas entities that own land or property in the UK to declare […]
Corporates holding UK property prompted to check ATED
[ad_1] HMRC has sent letters to companies asking them to check whether the valuations they have used to determine annual tax on enveloped dwellings (ATED) liabilities since 2018 are correct. ATED is payable in situations where a company (or certain other types of entity) hold UK residential property, and none of the various reliefs apply. […]