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Property Tax Insider

Try Property Tax Insider today and receive:

  • 3 FREE Issues - The current March #103 and the previous two issues of February #102 and January issue #101 (12 tax saving articles)
  • Delivered to your doorstep
    Here are the 12 strategies our tax experts are sharing with you as part of your free trial:
    • Passing On The Family Property Company Shares 
    • Surprising though this may sound coming from a tax adviser, there’s more to life than tax, and one of the first things that need to be said, in the context of someone planning to give away shares in the family property investment company to other family members, is that you need to think about the consequences of this in the non-tax sphere, as well as in the tax sphere. 

      Alan Pink highlights some planning points and pitfalls when shares in a property investment company are transferred between family members.
    • Private Residence Relief: Don’t Delay! 
    • Most homeowners will be aware that if they buy a house and live in it as their only or main residence throughout their period of ownership, there should be no capital gains tax (CGT) to pay when they sell the property, due to principal private residence (PPR) relief. 

      Mark McLaughlin highlights a potential restriction in capital gains tax private residence relief in common circumstances.
    • Selling Land And Gardens Separately: Does The Order Matter?  
    • Private residence relief acts to exempt any gain arising on the sale of the ‘dwelling house’ from capital gains tax where the dwelling-house has been the taxpayer’s only or main residence throughout the period of ownership.  

      Sarah Bradford explains that when part of the garden is sold separately from the house the order in which they are sold matters. 
    • Coming Soon: Private Residence Relief Restrictions 
    • The vast majority of readers will know that selling one’s home is tax-free. The capital gains tax (CGT) legislation to give effect to this is commonly referred to as ‘principal private residence (PPR) relief’ and starts at TCGA 1992, s 222.

      Lee Sharpe looks at forthcoming proposed changes to capital gains tax private residence relief for homeowners as announced in Budget 2018.
    • Property Repairs vs Improvements – Why It Matters For Tax
    • This article looks at the distinction between capital improvements and repairs, and why it is important. 

      Lee Sharpe looks at one of the key tax issues when maintaining or improving rental property.  
    • New Kid On The Block: Property Investment LLPs For Property Investors
    • The myth is still surprisingly widespread that limited liability partnerships (LLPs) are only for accountants and solicitors. 

      They have actually got a much wider potential scope and indeed, the legislation specifically envisages that people will set up LLPs to hold investment portfolios, which of course includes property investment. 

      Alan Pink considers the potential advantages of property investment limited liability partnerships, as opposed to other ways of holding property portfolios.

    • Let’s Not Get Married! 
    • The UK’s tax system features various reliefs, exemptions, and allowances, some of which are seemingly designed to encourage couples to be married (or in a civil partnership).

      Mark McLaughlin points out that staying single could save inheritance in certain circumstances.
    • Capital Gains Tax When Selling Your Buy-To-Let Property 
    • In most cases, no capital gains tax (CGT) is payable when you sell your only or main home, regardless of the size of the gain; the same is not true where an investment property, such as a buy-to-let or a holiday home, is sold or otherwise disposed of realising a gain.

      Sarah Bradford examines the capital gains tax charge that might arise on the disposal by an individual of a buy-to-let property.
    • Family Property Companies: Negotiating The ‘Settlements’ Minefield
    • A property investment company can be a very flexible way of shifting income from family members who pay income tax at a high rate to those who pay tax at a lower rate.

      Alan Pink considers the anti-avoidance barriers in the way of spreading property company income around family members. 
    • What The Changes To Private Residence Relief Mean For Landlords
    • From a tax perspective, landlords have had a difficult time of it of late, and the tax attacks on landlords show no signs of abating. Sarah Bradford explains how the changes to private residence relief and lettings relief announced in the Autumn Budget 2018 will impact on landlords. 
    • IHT: Is Your Property ‘Related’?
    • Valuing assets such as land and buildings is potentially tricky for various tax purposes, including inheritance tax (IHT) on making a chargeable lifetime transfer, or on death. One area of potential difficulty is valuing joint interests in land and buildings. Mark McLaughlin highlights a potential problem for married couples and civil partners regarding valuations of jointly-owned property. 
    • Selling Residential Property – Just 30 Days To Pay Capital Gains Tax?
    • The proposal to drastically shorten the interval between making a capital disposal on dwellings and settling any capital gains tax (CGT) due has been around since the Autumn 2015 statement. If the then-Chancellor had had his way, the measure would be taking effect from April 2019. It has instead been delayed until April 2020. Lee Sharpe looks at the harsh new capital gains tax regime that the government intends to impose from April 2020. 

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