Property Taxes


This extends the deduction allowable in section 94H of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005) in respect of the use of a person’s home for the purposes of a trade to cases where the trade is carried out by a partnership.  

With the support of the ICAEW, the Stamp Taxes Practitioners Group, STEP and the Law Society, the CIOT has made a detailed submission to HMRC and HM Treasury on the advantages of removing or mitigating the barriers to de-enveloping residential property in the light of the proposals outlined at the 2015 Summer Budget for new Inheritance Tax rules on UK residential property held indirectly by non-UK domiciliaries.

Revenue Scotland have published their Land and Buildings Transaction Tax (LBTT) ‘how to’ guidance on the Revenue Scotland website, updated to include material about how to make returns for LBTT transactions that include payment of the Additional Dwelling Supplement (ADS), which comes into effect on 1 April 2016.

Revenue Scotland provide details of the events they are holding in March.

The CIOT endorses the response by the Stamp Taxes Practitioners Group to the consultation on clause 53. In addition we make one further wider point on the proposed new reliefs from SDLT. 

CIOT has written to HMRC expressing concerns with the drafting of clause 67 Finance Bill 2016, and in particular paragraph 1 which introduces penalties for enablers of offshore tax evasion.

The CIOT responded to HM Treasury’s consultation on higher rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties, published on 28 December 2015. 

On 22 October 2015, HMT published a consultation document on Tax deductibility of corporate interest expense. This consultation seeks views on the proposals to tackle Action 4 of the Base Erosion Profits Shifting project, set out in the OECD report on Limiting Base Erosion Involving Interest Deductions and Other Financial Payments.

Please find attached our first edition of Property Tax Voice.