The CIOT has made a number of submissions for the remaining stages of the Finance Bill, including:
The CIOT has made a number of submissions for the remaining stages of the Finance Bill, including:
* Clauses 69 & 70: Property business deductions: The CIOT would like to see the definition of ‘dwelling house’ included in statute, to reflect the importance of having a clear policy rationale for including or excluding particular types of dwelling. Currently, there are multiple definitions of residential property in tax legislation and guidance, often with small but significant variations. A principles based approach to drafting the statutory definition would allow both for the policy underpinning the scope of the measure to be set out in statute and for the definition to have the flexibility to retain its validity.
* Clause 79: Disposals of UK residential property by non-residents, etc.: This clause removes a potential double charge that may result from the interaction of the non-residents CGT rules with the rules on ATED-related CGT, although the CIOT sees the abolition of ATED-related CGT as the most effective way of removing complexity in this area, as stated in its response to the original consultation on the non-residents CGT charge. See http://bit.ly/29COmVj.
The CIOT has made a number of submissions for the remaining stages of the Finance Bill, including:
The CIOT has made a number of submissions for the remaining stages of the Finance Bill, including:
* Clauses 69 & 70: Property business deductions: The CIOT would like to see the definition of ‘dwelling house’ included in statute, to reflect the importance of having a clear policy rationale for including or excluding particular types of dwelling. Currently, there are multiple definitions of residential property in tax legislation and guidance, often with small but significant variations. A principles based approach to drafting the statutory definition would allow both for the policy underpinning the scope of the measure to be set out in statute and for the definition to have the flexibility to retain its validity.
* Clause 79: Disposals of UK residential property by non-residents, etc.: This clause removes a potential double charge that may result from the interaction of the non-residents CGT rules with the rules on ATED-related CGT, although the CIOT sees the abolition of ATED-related CGT as the most effective way of removing complexity in this area, as stated in its response to the original consultation on the non-residents CGT charge. See http://bit.ly/29COmVj.
