The Office of Tax Simplification (OTS) seeks views about how the taxation of property income could be simplified and has launched an online survey.
As part of its approach to tackling perceived issues arising from second home ownership and short-term holiday lets, the Welsh Government has proposed to introduce local variations to the higher rate of Land Transaction Tax (LTT).
The Energy Efficiency Infrastructure Group (EEIG) which Propertymark is a member of, has called for the introduction of an Energy Saving Stamp Duty Incentive that will encourage homeowners to future-proof their homes against high energy bills.
As part of its 'three-pronged approach' the Welsh Government has consulted on a proposal to make amendments to planning policy and development management in Wales.
The Welsh Government has launched a consultation which proposes changes to the planning system that could mean that planning permission is required for a change of use from primary to a secondary home or holiday let.
With around 170 different pieces of legislation that must be adhered to within the private rented sector (PRS), the everchanging landscape of compliance combined with the mounting financial pressures triggered by policies such as Section 24 of the Finance (No. 2) Act 2015 and, more recently, debt arrears caused by COVID-19 more must be done to support landlords.
The Chancellor of the Exchequer's Autumn Spending Review and Budget provided clarity on measures affecting the property industry which have been announced over the last three-six months including the levy on developers re unsafe cladding. Other factors announced affecting property agents provide some good news, however, it leaves a lot to be desired.
Propertymark called for a review of Stamp Duty Land Tax (SDLT) to boost Britain’s economy in our response to the 2021 Autumn Budget and Spending Review.
The 2021 Autumn Budget will be delivered on October 27 alongside a three-year spending review and HM Treasury’s call for representations to be considered as part of its decisions closed 30 September 2021.
Agents can breathe a sigh of relief as Making Tax Digital (MTD) for Income Tax is pushed back, allowing businesses more time to prepare.
Agents have called upon the sector to educate prospective non-UK buyers about the new two per cent stamp duty rates, which is applicable from 1 April 2021.
Propertymark collaborated with the Welsh Revenue Authority (WRA) to produce a downloadable leaflet to support agents in providing potential home buyers with the details regarding Land Transaction Tax (LTT).
Until April 2020 UK taxpayers were only required to declare Capital Gains Tax (CGT) on an annual self-assessment tax return. Since then, taxpayers disposing of a UK residential property are required to calculate, report and pay any applicable CGT within 30 days of completion of the sale.
From 1 July to 30 September, buyers can still benefit from not paying Stamp Duty Land Tax (SDLT) on properties that cost up to £250,000 across England and Northern Ireland.
The Office of Tax Simplification (OCT) has published the second report of their review of Capital Gains Tax (CGT). It sets out what could be done by HMRC to raise awareness among taxpayers to help them meet their CGT 30-day reporting and paying obligations.
From today, 1 April 2021, a two per cent higher rate of Stamp Duty Land Tax (SDLT) will apply to purchasers of residential property in England and Northern Ireland who are not resident in the UK.