The great British buy to let market has been a mainstay of middle class wealth for decades. It has been a safe haven for excess funds; an easy to understand, accessible, liquid asset class which has seen thousands build up
The capital gains tax rate is the tax on the profit when selling (or disposing) of an asset that has increased in value.
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With the recent boom in buy-to-let mortgages and property sales, as well as an increase in the number of second home purchases, HMRC are clamping down on the estimated 900,000 landlords in the UK who have not registered for self-assessment
If you have been renting out or have sold residential property in recent years and have not declared the income or capital gains to the taxman, there is an amnesty being run by HMRC – the Voluntary Disclosure Campaign –
You may have seen the piece yesterday in the Sunday Times Money supplement about HMRC going after people for capital gains tax on the sale of second homes.
The essential point of the article was that HMRC believe many people
E
xtra Statutory Concession A19 has been making headlines lately after HMRC recently campaigned to end ESC A19 altogether. The suggestion was to discontinue accepting situations where affairs weren’t in order for various reasons and where out of the ordinary
This is an interesting Q & A style article we found about capital gains tax on UK property which may be helpful for those making decisions involving the UK property market.
The current regime of Furnished Holiday Lettings (FHL) may be about to change as HMRC are consulting on new legislation to replace FHL.
Currently, tax rules allow for holiday lettings to be traded as a “quazi trade” with a number …