Silk Trading Route between China and India

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Could you owe tax on overseas properties income?

Over the past few months we have seen an increase in the number of people coming to us for advice regarding overseas properties. It seems that many holiday home owners are unaware that they may be liable for UK Tax on rent received from overseas properties, and often it is thought that reporting the rent in the foreign country is sufficient. This is not the case. UK tax is due on income from an overseas property after the relevant expenses have been deducted and an annual tax return should be submitted to HMRC detailing this income. This applies for UK domiciles even if the rental income has not been brought into the UK. To avoid double taxation, a credit is given against any tax due on t

HMRC to review High Income Child Benefit Charge cases

Some High Income Child Benefit Charge cases are to be reviewed by HMRC, where a 'Failure to Notify' penalty was issued for certain tax years. Individuals who have an income of over £50,000 and a partner who receives Child Benefit; or if a third party receives child benefit for a child that lives with them and provides at least an equal amount towards their upkeep, are required to pay the High Income Child Benefit Charge. Introduced in 2012 and applicable regardless of whether the child is their own, an individual needs to register themselves for this tax. But, with many previously unaware of this requirement and therefore failing to register, the HMRC has committed to reviewing cases where

Stamp duty relief will now include shared ownership properties

As from the 29th October 2018, first-time buyers in shared-ownership homes will not have to pay stamp duty on the first £300,000 when buying a property with a purchase value up to £500,000. Only valid for first-time purchasers in England and Northern Ireland, the new charge is being backdated to include properties bought after the 22 November 2017 budget, in which all other first time buyers were able to avoid paying SDLT on the first £300,000, but those purchasing shared-ownership properties were excluded from the relief. A first time buyer is classified as one who has never owned a property anywhere in the world, and stamp duty land tax is payable on homes valued at £300,000.01 or more. S

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