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The 5 year valuation rule trap The Annual Tax on Enveloped Dwellings (ATED) contains a trap which can blow-up in your client’s face: the five-year valuation rule. When a residential property is held through a company (or other non-natural person eg a trust) it must be valued on acquisition to determine whether it is worth […]
Following a consultation this Spring the Government has decided to overrule the sunset clauses for both the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme, which were both due to end by 6 April 2025. The similar Seed Enterprise Investment Scheme (SEIS), designed for early stage trading companies, will be expanded. The […]
Home selling deadline relaxed Second homes have been subject to a 3% SDLT surcharge since April 2016, and similar surcharges apply in Wales (3% LTT) and Scotland (4% LBTT). These surcharges are not supposed to apply to the purchase of a main home, but purchasers can be caught out if they buy a replacement main […]
Is the clock ticking ? Speculation is always rife before a Budget as to what the Chancellor’s speech might contain. This year, one of the front runners is the potential abolition of entrepreneurs’ relief. Indeed, the Sunday Times reported on 1 March 2020 that the new Chancellor, Rishi Sunak, will scrap entrepreneurs’ relief to ‘fund a spending […]
Private residence relief provides relief from capital gains tax arising on the disposal of a property which has been the taxpayer’s only or main residence. In the recent tribunal decision of Hezi Yechiel TC06829, consideration was given as to whether, for the purposes of the legislation, Mr Yechiel occupied the property in question, 6 Beaufort Drive, as […]
New compliance statements for EIS, SEIS and SITR If you use, or are considering using, one of the venture capital schemes to raise money for your small company or social enterprise (schemes: SEIS, EIS or SITR) you need to be aware that the compliance statement, formerly known as form SEIS1 or EIS1, has changed. The […]
There is now huge pressure on indebted landlords to incorporate their property businesses, to avoid the restriction on the deduction of interest and other finance charges which has applied since 6 April 2017. Where an actively-managed property portfolio is transferred to a company the gains arising maybe rolled into the value of the shares received, […]
These £1,000 annual allowances were introduced by F(no 2)A 2017, and backdated to apply from 6 April 2017. However, the detailed guidance on exactly how each allowance works has only just been published in HMRC’s Business Income Manual (BIM) and the Property Income Manual (PIM). The trading allowance and miscellaneous income allowance (TMIA), and the […]
Thanks for completing the qualification questionairre. However, it appears that, based on the answers that you have given, the Company may not be able to incentivise its employees using an Enterprise Management Incentive Scheme (EMI). There are however other opportunities available, for example the Company share Ownership Plan (CSOP) see here for a comparison between […]
Income arising from investment in property portfolios by sole traders or partnerships face an increasing tax burden because of the interest relief restriction. We advise on the options available including mitigation of capital gains tax and IHT. changes in deductibility of interest costs for Sole Traders, Partnerships and LLPs that came into play in April […]