Following an email I received from a reader yesterday I feel compelled to write an article warning landlords of the tax implications of selling their assets due to there being no capital gains tax roll-over on BuyToLet properties. Continue reading BEWARE – there is no Capital Gains Tax Roll-Over on BuyToLet
Case study relating to an expat property investor interested in keeping a foot on the London property ladder.
Two years ago a potential buyer, Andrew, a virgin expat property investor contacted us. Andrew was in his early thirties, single, handsome, a first-time buyer and successfully worked in finance for a large corporation in Singapore. His concerns were that when he eventually returned to the UK, he wouldn’t be able to afford even a one bedroom flat in Central London as he had been watching property prices rise, even during the recession.
Continue reading Expat property investor – the need for professional help
Many landlords run a property business from a home office but are scared to claim business expenses because they are worried about triggering a capital gains tax bill when they move house.
The myth is claiming tax relief for working from home makes part of the property business premises which is liable to capital gains tax when sold. Continue reading Claiming home as office expenses for landlords
Landlords who have failed to pay tax on the sale or buy to let rents face extra scrutiny from a new HM Revenue & Customs tax force.
A team of investigators covering East Anglia, London, Leeds, York, Leicester, Nottingham, Lincoln, Durham and Sunderland is seeking to recover more than £17 million from tax dodgers.
They will pinpoint around 300 tax cheats to examine their records and carry out other investigations. Continue reading HMRC targets landlord tax cheats in property crack down
Breaking up is hard to do – and that applies to a property portfolio as much as a marriage.
Luckily, if buy to let landlords divorce, some special tax rules can help minimise the taxes involved in any exchange of assets. Continue reading CGT and divorce for buy to let landlords
Landlords who have switched personal property investments into a company cannot claim capital gains tax reliefs on the transfers, according to a landmark tax tribunal case.
Traders have claimed incorporation relief on their business properties and assets for many years when changing their status from a partnership or sole trader to a limited company. Continue reading Landlord claim for CGT relief kicked out by tax tribunal
Following George Osbourne’s Budget announcement, NAEA have offered a damning response as Wendy Evans-Scott, President of the National Association of Estate Agents (NAEA) labelled it a failure and a missed opportunity.
“Not only has the Chancellor failed to offer any real help to lower and middle income homeowners and First Time Buyers, but from Saturday, the Stamp Duty Holiday for FTBs will be coming to an end.
Continue reading NAEA Unhappy with Budget Announcement
Budget 2012 for property people
Property investors are winners and losers in Chancellor George Osborne’s Budget 2012.
Landlords paying tax on rents are likely winners as they will benefit from Osborne hoisting personal allowances for income tax nearer the £10,000 target.
While top-end of the market investors dealing in buying and selling the most expensive homes are the focus of big increases in stamp duty. Continue reading Budget 2012 and how it affects landlords and property investors
Chancellor George Osborne is coming under more pressure from landlord and letting agent lobbies to ease buy to let tax in the forthcoming Budget.
The Association of Residential Letting Agents (ARLA) is urging the chancellor to scrap capital gains tax on investment properties and ripping up stamp duty rules to make the tax fairer for all. Continue reading Chancellor urged to boost tax relief for landlords
Three cheers for competition. A few weeks ago TDS, The Dispute Service, announced Deposit Guard, which at launch undercut the costs charged by My Deposits, and made a push for self-managing landlords, rather than agents. My Deposits have retaliated, by reducing their fees for agents, but not landlords. This may follow, and we shall keep members informed. The third, custodial scheme, used by many, as a free scheme is not affected.
Continue reading Eastern Landlords Association MARCH 2012 NEWSLETTER