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Articles by Lisa Bevan
Multiple Dwellings Relief abolished
Perhaps the most surprising announcement in yesterday's budget from the perspective of the real estate sector was the abolition of multiple dwellings relief (MDR). The headlines are: MDR will be abolished with effect from 1 June 2024. The rule that allows SDLT on the purchase of six dwellings or more as part of a single transaction to be assessed using the non-residential property rates of SDLT is unaffected. What is multiple dwellings relief?
Property investment: some recent developments
24 June 2021 Speed read Tax has always been important to UK property investment structures, but the landscape has changed appreciably in recent years.
International review for June 2021
23 June 2021 Speed read In June, tax made global headlines as the G7 reached a consensus on proposals to address the challenges of the digitisation of the economy. A global minimum tax rate of at least 15% was agreed: a middle ground less than the 21% rate previously favoured by the Biden Administration.
HMRC decommissions stamp presses: ‘almost like seeing a life-long colleague retire’
23 June 2021 HMRC’s stamp duty press machines will be officially retired from service on 19 July 2021, marking the end of over 300 years of tax-related history. From mid-July, an electronic process will be adopted for the remaining transactions which still required physical stamps, such as duty paid on shares purchased on a stock transfer form. The new process was introduced during the pandemic, as traditional physical stamping could not function under covid-19 restrictions.
EU watch: public country by country reporting
23 June 2021 A major breakthrough is reached on tax transparency. More than five years of political deadlock came to an end in the evening of 1 June, as the European Parliament and the Council reached a political agreement on public country by country reporting (CbCR).
CJRS guidance updates
23 June 2021 HMRC has updated its guidance on the coronavirus job retention scheme (CJRS) to cover the changes from 1 July 2021 and claims for furlough days in June 2021. From 1 July 2021, the UK government will pay 70% of wages up to a maximum cap of £2,187.50 for the hours an employee is on furlough. Employers will top up the employee’s wages to make sure they receive 80% of wages (up to £2,500) in total for the hours the employee is on furlough. The caps are proportional to the hours not worked.
Extension to insolvency protection
23 June 2021 The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) (No 2) Regulations, SI 2021/718 extend the period during which temporary measures apply which restrict the use of statutory demands and winding-up petitions. Those provisions were introduced in Schedule 10 to the Corporate Insolvency and Governance Act 2020 to help mitigate the effects of coronavirus on business solvency and are extended from 30 June 2021 until 30 September 2021.
Stamp duty goes officially online - finally!
23 June 2021 The end of an era as stamp presses decommissioned by HMRC. HMRC’s press release heralds the decommissioning of the stamp duty press machines as the ‘end of an era’ as the 300-year old process of manually stamping documents to evidence that the required transfer tax has been paid is (officially) going digital from 19 July 2021.
Pensions tax in the crosshairs?
23 June 2021 As the UK government looks for ways to raise additional tax, pensions tax relief could again find itself under scrutiny by the Treasury. With increases in the rates of income tax, NICs and VAT all but ruled out, and with potentially very limited room for manoeuvre, the government may be tempted to reconsider breaking the pensions triple lock, restricting higher rate relief or possibly applying employer NIC to pension contributions.
ATAD 3 and holding companies
23 June 2021 Is the writing on the wall for EU holding companies? The European Commission (EC) set out its ambitions for a 21st century tax system in May 2021. Since then, it has published a consultation around the use of shell companies in tax avoidance with a view to bringing in legislative requirements by the end of 2021 (via ATAD 3). This is a story of rapid and numerous developments.
OTS to review tax year end date
23 June 2021 Is it time to move out of the Jane Austen era and change the UK’s tax year? ‘It is a truth universally acknowledged...’ that the UK tax year ending on 5 April is a bit quirky and doesn’t line up with the usual calendar year end, or any of the common quarter days. The Office of Tax Simplification is considering changing the tax year end to something more convenient, more logical, and more closely aligned to other tax regimes.
Laing O'Rourke Services Ltd v HMRC
22 June 2021 Cars, earnings and benefits In Laing O'Rourke Services Ltd v HMRC [2021] UKFTT 211 (TC) (8 June 2021), the FTT held that payments made to employees under a car allowance scheme instead of provision of a company car were earnings for NICs purposes, but they were not ‘relevant... If you are not a subscriber, subscribe now to read this content.
The residential property developer tax
1 June 2021 Speed read A consultation paper on the residential property developer tax was published on 29 April 2021. It will apply to profits from companies undertaking UK residential property development where those profits exceed an annual allowance of £25m. The tax is to be time limited and will be introduced in 2022. It will operate alongside the separate ‘gateway 2’ levy that is to be introduced separately.
Investor outlook: residential property in a post-Covid-19 world
There has been much speculation about how quickly the UK residential property market will recover from the economic fallout of the global pandemic and what that recovery might look like. Many agents still report pent-up demand and a sense that buyers and sellers are gearing up to transact once the lockdown restrictions are lifted; Zoopla has stated that there are 373,000 transactions worth £82 billion currently on hold.
Landlord and tenant round-up: June 2019 | Lexology
The Tenant Fees Act 2019 The much talked about Tenant Fees Act 2019 came into force on 1 June 2019; it applies to any new tenancies and renewals of existing tenancies entered into after that date. From June 2020, it will apply to all tenancies (including those predating the Act). In essence, the Act limits the payments that a landlord can charge in connection with a residential tenancy and is part of a wider drive to deliver a fairer and more affordable private rental sector.
Stamp duty land tax: a further surcharge in the pipeline for overseas buyers | Lexology
It can be difficult not to look back nostalgically to pre-1997 when stamp duty was charged at a modest 1% on any purchase price over £60,000. The following decade saw the introduction of some relatively gentle changes and then everything started to become much more complicated, and much more expensive for buyers. We now have an SDLT regime that is a patchwork of different rates and surcharges, introduced over the last few years in piecemeal fashion.
London's garden squares - unlocking the gate | Lexology
The concept of the private garden square has always been a big draw for buyers of houses in central London. These gardens provide added appeal, as well as significant value, to those properties that may cost upwards of £5,000,000 but which don't necessarily come with any outside space to call their own.
Hutchinson, Cross County Parkways Ranked As Most Dangerous Statewide
WHITE PLAINS, N.Y. -- U.S. Sen. Charles Schumer and White Plains Mayor Thomas Roach were among the elected officials who held a news conference on Tuesday to draw attention to some of New York state's most dangerous roadways. Among them, according to state Department of Transportation accident statistics, are the Hutchinson River Parkway near Mamaroneck Avenue in White Plains and the Cross County Parkway -- west of the Sheridan Avenue overpass as well as near the Saw Mill River Parkway in Yonkers.
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