Articles Tagged ‘Property’

Entrepreneurs’ Relief: The lay of the land

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With pressure of local authorities to meet their quota on housebuilding, many agricultural land owners are now seeing the potential of selling off land to developers or renting land to generate an income. 

These deals can be lucrative, with housebuilders willing to pay premium prices per acre for well-located land. However, land sales will lead to a Capital Gains Tax (CGT) charge that couldsignificantly diminish the net proceeds. Unless, that is, you could be eligible for Entrepreneurs' Relief.This seems unlikely, however with forward planning, the land could qualify as a business asset even if it has been let for many years under an agricultural tenancy.At the same time, partial sales of farm land might not qualify for Entrepreneurs’ Relief even when the owner has actively farmed the land.

Inheritance Tax Planning – Cutting through the Confusion

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Two and a half years ago, the then Chancellor George Osborne handed taxpayers a boost by announcing his intention to increase the Inheritance Tax starting pointon homes worth up to £1m, while keeping the basic Inheritance Tax allowance at the same level. However, the relief gradually reduces for estates over £2m so the extra relief will benefit far fewer people than initially thought.

Fast forward to 2017 and there remains little doubt that Inheritance Tax is here to stay, with Theresa May tabling the possibility of a further tax to pay for improved social care in the run up to the General Election. Although this didn’t materialise, the possibility of additional taxes to fund care for the elderly cannot be discounted. 

So, what can you do to make sure your loved ones receive a fair share of your estate? 

Selective Licensing - How will your investment properties be affected?

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From 1st August 2018, Nottingham City Council introduced a new licensing scheme that will affect landlords in most areas of the city. From that date, landlords will be required to obtain a licence for each property they let, to make sure it meets the required safety and quality standards for tenants.

There has been much hype in the press over this move, but there is a small silver lining for landlords - the licence fee is tax deductible.

Find out how your property portfolio could be affected.

What is property inheritance tax?

 

Benjamin Franklin, once said: “The only things certain in life are death and taxes”.Whilst this is a morbid and sobering thought, he had a point and this couldn’t be truer for inheritance tax (IHT).

When a person passes away HMRC will assess how much their estate is worth, deduct any outstanding debts and the remaining figure is the overall value of the estate.

Why careful planning could save you and your family thousands in inheritance tax

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Inheritance Tax was introduced as a tax only for the rich, but more estates are being caught within the tax net. A recent study shows that UK Inheritance tax is the second highest in the world with over £3 billion in inheritance tax being paid to HMRC this year. This has resulted in an increasing number of families planning to mitigate their inheritance tax bill.

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