Michael Thomas (Pump Court Tax Chambers) looks at the rules introduced in the recent Budget intended to ensure that profits from a trade dealing in or developing UK land are always chargeable to UK corporation tax or income tax.
Revenue Scotland has added new guidance on making land and buildings transaction tax (LBTT) returns for the additional dwelling supplement to its website. The guidance has been updated to include material on how to make returns for LBTT transactions that include payment of the supplement.
This guidance note, published jointly by the ICAEW Tax Faculty, CIOT and STEP and agreed by HMRC, was updated in August 2015 with an extended example 19 concerning individual trustees.
Tax Journal's coverage of the Summer Finance Bill.
Research from Bloomsbury Professional suggests the majority of accountants still believe that the stamp duty regime on residential properties is unfair, despite the recent ‘slab system’ reforms.
Prime Minister David Cameron announced a new crackdown on Tuesday on foreigners and offshore companies that own property in the UK to launder ‘dirty money’ by publishing their names. In a speech in Singapore, Cameron said the UK should no longer be a ‘safe haven for corrupt money’.
The first Conservative Budget for 19 years sees ‘Osborne unbound’, writes Chris Sanger (global head of tax policy, EY) in Tax Journal. This was ‘a reforming Budget’ which sets out plans for a lower tax future ‘but boosts the exchequer’s coffers greatly in the short term’.
Barrister Anne Fairpo (Temple Tax Chambers) explains why and how the DPT could apply to real estate transactions.
The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order, SI 2015/789, relaxes the construction industry scheme compliance tests with effect from 6 April 2015 for all members of joint ventures where one member already has gross payment status.