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.
Housing markets are flourishing, with many experiencing high levels of demand and houses being sold on a best and final offer basis in much of the UK. Following the UK Government budget at the start of March, the latest figures for England continue to show growth.
HM Treasury has released its ‘Tax Day command paper’ designed to allow further scrutiny on tax announcements that would normally take place during the budget.
The Chancellor of the Exchequer, Rishi Sunak, has announced a number of measures affecting the property industry in the UK Government’s 2021 budget, but Propertymark believes more should be done in order to tackle COVID-related rent arrears.
The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
At the UK Government’s Budget on 3 March 2021, the Chancellor announced that the £500,000 Nil Rate Band will not end on 31 March 2021 but will be extended and end on 30 June 2021.
Research carried out by Propertymark over the last year found an average of 17 property sales fell through, with 42 per cent of respondents saying failed sales are a significant problem for businesses.
Lobbying is key to ensuring that our members have a voice as Government and politicians make decisions affecting the sector. One strand of lobbying work is Propertymark’s Ask The Experts parliamentary sessions, which give legislators the chance to get answers to questions on important property sector issues.