The new founders relief reminds me of signs that used to be shown in shops when I was a kid. 10% CGT rate on up to £10m sounds amazing! Yes some founders will land within the very narrow definitions but the real story of founders is in the everyday. The Founder that buys a van […]
Category Archives: Tax
John Healey stood today and gave his first budget. How does it affect landlords? There was a lot in there but overall but not that much that directly affects landlords. In the wider sense the economy affects landlords of course as all tenants are caught up in anything that happens. Income Tax Landlords are clearly […]
So, the promise to workers was that tax would not go up. The problem is the “hole” is getting bigger and as a result money has to come in. We all know workers can earn anything from apprentice rates to seven figures but Labour seem to have decided that workers don’t earn too much. Harder/better/luckier […]
I spoke with a lady today who said she is on the way to incorporating her property portfolio via a partnership. She said all was fine and underway but wanted to chat about it after a referral from a mortgage broker who said it looked like she needed some help. There was a lot to […]
I saw a question about MTD (making tax digital) today. The whole profession has been wondering how to charge for all of the additional work while at the same time all of our clients seem to be under the impression that there won’t be any more work to do. I love a good analogy so let’s […]
Can I use an asset that I have given away to avoid Inheritance Tax? So the simple answer is yes you can. The problem is that it will likely render the gift as irrelevant for Inheritance Tax purposes and mean that the asset is still part of your estate. Let’s run through an example. A […]
Home is where the wine is In a recent tax case, a couple successfully appealed against a £3.3 million capital gains tax (CGT) assessment following the sale of their extensively renovated Chelsea property. The central issue revolved around whether the property qualified for Private Residence Relief (PRR), which exempts gains from CGT when selling your […]
You don’t have to be a news hound to know that things aren’t going well for Rachel Reeves. She’s taken an economy that was starting to recover and skewered it. The problem is that she also said she would not increase taxes on “working people”. We know that she did of course do precisely this […]
“What’s stopping you buying a house living in it for 6 months whilst renovating then sell for profit and no capital gains tax on primary residence? I’m guessing there is some catch somewhere?” In short yes. Absolutely! There is a catch. The main premise of the question is based on the fact that people can […]
Unless you’ve been under a rock, or never researched different property owning structures, you will heard of an LLP. You might not know what one is but those three letters will be familiar. To some LLPs are a silver bullet that solves all ailments. For others they are a complete irrelevance. In markets that are […]