Property Taxes


The Chartered Institute of Taxation (CIOT) respond to the Treasury Committee inquiry in to the Spring Budget 2020

Further directions issued today by the President of the First-tier tax tribunal, Judge Sinfield, to the Tax Chamber and Tribunal users extending, in relation to certain proceedings, the general stay of all proceedings released on 24 March (as amended and released on 26 March).

As announced at Spring Budget 2020, the government is pursuing a review of the UK funds regime. This review will consider taxation and relevant areas of regulation to ensure the ongoing competitiveness and sustainability of the UK regime as it applies to a fundamental area of the financial services sector. The government made two specific announcements at Spring Budget 2020. The first is a review of the VAT charged on fund management fees. The second is this consultation, which seeks to gather evidence and explore the attractiveness of the UK as a location for the intermediate entities through which alternative funds hold fund assets.

HMRC have published new guidance on exceptional circumstances for the purposes of the Statutory Residence Test and Coronavirus (COVID-19).

There was a debate on VAT on listed properties, in Westminster Hall, this week (4 March) led by the Conservative Craig Mackinlay, himself a Chartered Tax Adviser (CTA).

The Building Better, Building Beautiful Commission, an independent body set up to advise government on how to promote and increase the use of high-quality design for new build homes and neighbourhoods, published its final report recently with 45 policy recommendations.

The Labour Party have published their general election manifesto, which includes plans for higher corporation tax, income tax increases for those earning more than £80,000 and taxing capital gains and dividends at income tax rates with a single allowance.

We are aware that HMRC are sending compliance letters to tenants occupying residential property owned by non-resident corporate landlords.

The Chartered Institute of Taxation (CIOT) responds to the consultation document which sets out HMRC’s current thinking and approach to interpreting DAC6.

The Chartered Institution of Taxtion (CIOT) sent a proactive letter to HMRC in relation to the SDLT reliefs for an acquisition of an existing house by a house builder where the individual acquires a new house from the house builder in part exchange.