Do I always pay Capital Gains Tax when I sell a property?
Non-UK residents may have reporting obligations even where no tax is payable. However, in some circumstances it may depend on factors such as how the property was used, whether it was a main residence, and what reliefs may be available. As this can be complex, professional advice is recommended.
Are there any SDLT reliefs available when buying property?
In certain situations, reliefs may apply depending on the type of property and how it is being purchased. A review of your circumstances can determine whether any relief reduces the liability.
Do higher SDLT rates apply to additional properties?
Higher rates can apply where a buyer already owns residential property or is acquiring an additional dwelling. The rules can vary depending on ownership structure and timing. Special care needs to be taken when a buyer is purchasing additional share in their residential home. Given the complexity of the surcharge rules, reviewing your position before exchange is sensible.
Are there deadlines for reporting property disposals?
Property disposals may need to be reported within a set period following completion, with tax payable within that timeframe. Missing deadlines could result in penalties, so getting professional advice is generally a good idea.
Can owning property through a company change the tax treatment?
Holding property through a company may alter how income and gains are taxed and may introduce additional rules. Professional advice is often beneficial before making structural decisions.
If my circumstances change following a property purchase, can I do anything?
Following a property purchase, if circumstances and use of the property change there might be a tax refund. The time limit is often short to claim any refunds, therefore contacting a specialist early can benefit you.
What taxes apply when renting out property?
Rental income is usually subject to income tax, and expenses should be calculated correctly. Other taxes may apply on purchase or eventual disposal, so seeking professional advice is beneficial.
