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Residential property investors are experiencing a time of unprecedented change to the tax treatment of residential properties. The property tax system is becoming increasingly pervasive as both the Scottish and the UK Governments seek to increase tax revenue, slow down the property market and encourage wider property ownership.
Learn moreFrom 6 April 2019 the UK capital gains tax (CGT) regime was extended to cover the disposal of non-residential property by non-UK residents. This change to the tax rules levelled the playing field between (i) UK residents and non-residents, and (ii) residential and non-residential property. This article reviews the impact of this potential CGT charge and reporting requirement for non-UK residents.
Learn moreDid you know, you can pass up to £1 million on to your children free of inheritance tax? No more inheritance tax on family homes. Our helpful series of articles on tax will keep you informed with what you need to know.
Learn moreAs part of our helpful series of tax updates, we take a look at changes to the Scottish income tax (SIT) bands which were announced at the Scottish Budget on 28 January 2021 and came into effect from 6 April 2021.
Learn moreMany landlords have historically been willing to take out large loans to finance the purchase of buy to let properties on the basis that a tax deduction could be claimed against the rental income for the whole of the interest paid. Income tax relief for interest paid on borrowings is however now restricted to the basic rate of income tax (20%). This article explains the impact of this restriction and potential planning options for landlords.
Learn moreThe UK residential property market has for a long time been an attractive proposition for foreign investors. An increased demand for UK residential property from abroad runs contrary to both the Scottish and UK Governments’ objectives to slow down the property market and encourage wider property ownership.
Learn moreAs we enter a new tax year we understand, in these challenging times for both family life and business life, reviewing tax and finances may be one of the things that becomes more important to all of us. We've produced a personal tax review to help you to identify any tax planning opportunities and take any actions required.
Learn moreFor many, making a will is something we mean to do but usually sits around the bottom of the to-do list. While many of us have a little more time on our hands than we normally would, and have all been concerned about the impact Covid-19 may have upon our families, our friends, colleagues and businesses, it may provide some comfort to finally complete some of those tasks we never get round to in our normal busy lives, such as making a will.
Learn moreChancellor Rishi Sunak revealed his Budget on 3rd March, but what will be the impact for private individuals? The Chancellor vowed to “protect the jobs and livelihoods of the British people” against the backdrop of the UK emerging from the Coronavirus pandemic.
Learn morePassing on an independent or family run business as a going concern will be one of the first priorities when looking to retire or move to a different role within a business. So when it comes to exiting a business, how do owners ensure continuity, especially if there are no obvious family succession routes?
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