The annual tax on enveloped dwellings (ATED) must be paid every year by corporate owners of residential properties in the UK, where the property is worth over £500,000, and one of the reliefs or exemptions has not been claimed for the property.
News & Updates
If we act for a self-employed parent, who has relatively low profits, we have to think about the contribution their partner brings to the family’s income. We may not act for the partner, but he or she could be supporting the family with a significant salary. In such cases, should the child benefit received by the family be reported on the partner’s tax return?
Three years ago we were advised about the taxation of settlements of payment protection insurance (PPI) claims – see our newsletter on 13 February 2014. Many thousands of people received such payments, and most believed that the entire payment was tax free, so it would have no effect on their tax liability.
Our monthly tax update
Our monthly update
Calculating the CGT due on the disposal of a property is not easy; you need to know which expenses can be deducted, and if any tax reliefs are due. If the property was located overseas, the computation is complicated by the fact that the consideration, and possibly the purchase, are likely to have been made in a foreign currency.