Property Taxes


This was a fairly quiet conference on the tax front for the Conservatives, new announcements limited to a stamp duty increase for foreign buyers, edging a little closer to a Digital Services Tax, tweaks to the apprenticeship levy and another year of a fuel duty freeze. Various outriders would like to see more radical changes though – especially corporation tax cuts – and there are hints these might be considered depending on the outcome of the Brexit process.

The CIOT comments sent to HMRC on FB 2018-19 Clause 6 Schedules 1-2 Disposal of assets by non-UK residents and payments on account.

A new report has called for national insurance for pensioners, replacing council tax with a tax based more closely on property values, halving SDLT and replacing inheritance tax with a lifetime receipts tax.

A CIOT proactive submission sent to HMRC on Aligning the tax treatment of Islamic finance and conventional finance.

The CIOT comments sent to HM Treasury on the call for evidence on Rent-a-room relief.

The CIOT comments sent to HMRC on Taxing gains made by non-residents on UK immovable property.

Conservative John Stevenson, a solicitor, opened a debate on stamp duty by saying the key issue in housing policy is to get the mix between property ownership, the private rented sector and social housing right. He wants to see a national housing framework with a more flexible local policy.

Liveblog on the first day of committee stage debate on the Finance Bill, with debates on clauses on the bank levy, SDLT for first time buyers and income tax treatment of armed forces’ accommodation allowances. 

The CIOT comments sent to HMRC on Large Business compliance - enhancing our risk assessment approach.

HMRC has confirmed that the 5 October 2017 deadline will be extended further to 5 January 2018. This means that trusts which have incurred a liability to Income Tax or Capital Gains Tax for the first time in 2016/17 will need to complete registration on the TRS by no later than 5 January 2018. This extension is only for the first year of TRS and also applies to the registration of complex estates.