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.
Ahead of the budget on 3 March, Propertymark has published its manifesto asking for ten changes the UK Government to make to support the housing sector. Principal changes are a continuation of the cut in stamp duty and extending the Help to Buy scheme to the second-hand homes market.
The Scottish Government has announced in their Budget 2021-2022 that the change to the residential LBTT nil rate band, introduced in July 2020, will not be extended but the 100 per cent non-domestic rates relief will be for at least the first three months of the financial year.
A group of 50 Conservative MPs are calling on the Chancellor, Rishi Sunak to extend the stamp duty cut for properties worth less than £500,000 a further 12 months in a major boost alongside The Telegraph’s ‘Stamp Out the Duty’ campaign.
The housing sector plays a ‘unique role’ in the UK’s economy, and has been crucially kept open during the pandemic during this unprecedented time.
The Welsh Government has announced changes to the higher residential rates, non-residential rates and bands, plus the temporary increase to the nil rate band will end on 31 March 2021.