Autumn Budget Announcement: reporting residential property sales to HMRC – welcome extension to 60 days

Rishi Sunak’s Autumn Budget will come as good news for individuals and trustees selling UK residential property. In his speech on 27 October 2021, the Chancellor announced provisions which will help to alleviate the compliance burden on those selling chargeable residential property by doubling the time available to report and pay Capital Gains Tax (CGT) from 30 to 60 days after completion.

UK Non Doms subject to HMRC scrutiny

HMRC action

The UK still provides significant UK tax mitigation strategies for overseas income sources where you are tax resident here, but not UK domiciled (Non Dom). HMRC are looking very closely at this group of individuals and have recently issued “Nudge letters” asking them if they are confident their tax liabilities have been reported correctly, particularly targeting those who have been resident in the UK for a number of years.

Don’t be late - register for Self Assessment before 5 October 2021

Have you become chargeable to income tax or capital gains tax for the first time? Now is the time to notify HMRC.

Brexit changes for UK residents with EU properties

Following our previous blog on the personal tax impact of Brexit, it seems those who own property in France or Spain may be particularly affected by Brexit.

The Scottish Budget 2021-22

The Scottish Budget for 2021-22 has been delivered but what does it mean for the Scottish taxpayer?

Could Wealth Taxes be an option to pay for the COVID-19 deficit?

The Wealth Tax Commission have now published their final report which considers whether a UK Wealth Tax should be introduced, and if so, how this could be applied. Although the Chancellor was quoted in July 2020 as dismissing the introduction of a Wealth Tax, the deficit as a result of the COVID-19 pandemic has continued to increase and six months on the country is back in a state of lockdown with much of the economy closed for business. The Commission have estimated that a one off Wealth Tax could raise one-quarter of a trillion pounds.

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