On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000. The government says this will provide 'an affordable route to h ...
CGT returns - HMRC issues £1.3m in late filing penalties
Since the introduction of the new 30-day window for capital gains tax (CGT) reporting and payment in April 2020, HMRC has issued over £1.3m in late filing penalties. The new law that was introduced on 6 April 2020 means that anyone selling a second home must declare and pay any CGT that is due, via HMRC’s new ‘CGT on UK property account’, within 30 days of completion or face p ...
Consultations launched on UK's first Tax Day
The government has published over 30 updates, consultations and documents on the UK's first ever Tax Day. The announcements, which would traditionally be published at Budget, have been released later to allow for scrutiny from stakeholders. It was announced that HMRC will tighten rules to force holiday let landlords to prove they have made a realistic effort to rent propertie ...
Changes to the deadlines for filing and paying CGT on UK property
The deadlines for filing and paying CGT arising on the sale of an interest in UK property has changed as from 6 April 2020. UK residents making a gain which is liable to CGT from the disposal of residential property situated in the UK now have 30 days from conveyance in which to notify HMRC and pay across any CGT that is due. Non-UK residents have been subject to these report ...
HMRC announce more time for 30-day reporting of CGT
Few property transactions are proceeding at the moment but anyone selling UK residential property needs to be aware of the new requirements. Under the new proposals, the CGT due should now be reported to HMRC and paid within 30 days of completion. The new obligation applies to UK residential property transactions where: the date of disposal (usually the date of exchange) i ...
Guidance on Structures and Buildings Allowance
The latest HMRC Agent Update includes guidance on the Structures and Buildings Allowance (SBA). This capital allowance is designed to provide tax relief for businesses and to support investment in constructing new structures and buildings and improving existing ones. The SBA relieves the construction costs for new structures and buildings used for qualifying purposes and the i ...