Residential property

Property Tax

With so many recent changes to property taxation and with different taxes applying north and south of the border, it’s never been more complicated. We provide advice and guidance on a range of tax issues that are faced when buying, selling or owning a property whether residential or commercial including:

  • Land and Buildings Transaction (LBTT) and Additional Dwellings Supplement (ADS) on purchasing a property
  • Tax-efficient structuring of property acquisitions
  • Preparing income tax returns for landlords, and keeping them updated on the changes to property taxation
  • The availability of Principal Private Residence relief and making effective elections where an individual has more than one residence
  • Capital Gains Tax planning for the disposal of properties - click here for our flowchart to help you understand your reporting obligations.
  • Calculating the tax due by UK resident taxpayers on the disposal of residential properties and completing the necessary Capital Gains Tax return within 30 days of disposal (click here for further guidance on reporting requirements)
  • Gifting property to the next generation
  • Maximising Inheritance Tax Business Property Relief (BPR) on businesses owning residential property in addition to trading activities
  • Operating Non-Resident Landlord Scheme and preparing tax returns for landlords who are not living in the UK
  • The Non-Resident Capital Gains Tax regime including quantifying the gain on disposal and filing the necessary return with HMRC
  • Taxation of Offshore Trusts owning UK property – IHT ten year charges
  • Annual Tax on Enveloped Dwellings (ATED) and preparing ATED returns for residential property owned by a company

If you would like to discuss any of the above or need assistance with your tax more generally, please get in touch.

How can we help you today?

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