Wealth from additional property ownership soars

The number of people who own a second home, buy-to-let or overseas property has risen by about 2 million since 2001, research claims. A report from the Resolution Foundation shows 11.2% of adults, or 5.5m people, lived in a family with property wealth outside their...

Buying a second property

Does the 3% stamp duty land charge surcharge always apply when buying a second home? Graham Buckell comments: “As most people are aware there is now a 3% stamp duty land tax (“SDLT”) surcharge if buying a second home. This cannot always be avoided particularly...

Trading and property allowances

If your property income is less than £1,000 there is probably no need to report it to HMRC. There are exceptions and Graham Buckell takes us through the traps. “In the Budget 2016 the Chancellor announced two new exemptions for casual trading and property...

IHT and business property

What are the inheritance tax (IHT) implications of how business property is held? Trading businesses, whether held as sole traders, partnerships or in a company, generally qualify for 100% business property relief for inheritance tax purposes. Where property used in...

Letting residential property and tax

Changes in the taxation of property income from letting residential property There have been a number of changes in the taxation of income from residential property which will be introduced over the next 5 years. The key changes are shown below. Please note that none...