Real Estate & Tax News in United Kingdom from Propertyshowrooms.com

The British IRS defers tax payments

Sun, 15 Feb 2009 00:00:00 GMT

UK’s IRS (Internal Revenue Service Board of Inland Revenue) has under special circumstances enabled extension on tax payment deadlines, aripaev.ee writes...

Tips on Taking the New First-Time Homebuyer Tax Credit

Mon, 26 Jan 2009 00:00:00 GMT

Under the Housing and Economic Recovery Act enacted in July 2008, a first-time homebuyer of a principal residence may claim a tax credit of 10 percent of the purchase price, up to $7,500. The IRS recently issued guidance on how purchasers who don’t file joint tax returns can allocate the credit...

Guernsey Signs Tax Information Exchange Agreement With UK

Thu, 22 Jan 2009 00:00:00 GMT

A new tax information exchange agreement between the governments of the United Kingdom and Guernsey was signed in London on January 20, 2009 by Lord Bach, Parliamentary Under Secretary of State for Justice, and Lyndon Trott (pictured), Chief Minister of Guernsey...

Overseas investors warned of tax implications

Wed, 14 Jan 2009 00:00:00 GMT

Investors who are looking to sell European property have been urged to take into account the UK tax implications that may arise from a completed sale.

Director of personal tax at accountancy firm PFK Matt Coward stated that while not everyone will be affected by the tax laws, those who are must not forget the potential financial consequences that come from selling a European home in the current economic climate.

"Broadly speaking, it will be everyone who has bought property in euro land probably in the last 18 months to two years," he explained, noting that long-term investors are unlikely to be affected.

Those who have been considering selling homes in countries such as Spain, France and Italy may wish to check to see if they will be affected following PKF's warning.

Cater Allen revealed last September that over three million people plan to purchase a foreign property in the next two years, with 42 per cent seeing doing so as an investment opportunity.

Global Fiscal Stimulus Needed, IMF Officials Argue

Fri, 2 Jan 2009 00:00:00 GMT

In a recent interview conducted by the International Monetary Fund Survey Magazine, Fund officials Olivier Blanchard, Economic Counsellor, and Carlo Cottarelli, Director of the Fiscal Affairs Department, repeated a call for global fiscal stimulus action...

'Shut Down Super-Rich Tax Havens'

Wed, 31 Dec 2008 00:00:00 GMT

Tax havens that allegedly deprive Britain of billions of pounds should be closed down, according to the nation's biggest union...

PreBudget report could boost overseas property sales

Fri, 28 Nov 2008 00:00:00 GMT

Alistair Darling's plan to increase tax rates for the UK's higher earners is likely to result in a growing number of people buying overseas property, it has been claimed.

Revealing his controversial pre-Budget report on Monday (November 24th), the chancellor announced that British residents with incomes in excess of £150,000 a year will face a new tax rate of 45%.

Shelter Offshore suggests that many high-earners will decide to move abroad, or at least purchase an easily-accessible property in another country, once the higher tax payments come into effect.

Claiming that "more often than not, the higher the earner the more dynamic and flexible the person", the property website states that many wealthy Britons will be tempted to investigate foreign property markets.

According to Treasury estimates, about 360,000 people in the UK will earn more than £150,000 a year by 2011.

Earlier this week, a survey from insurance firm RIAS revealed that a growing number of British retirees are looking for homes overseas.

Reprieve on empty properties attacked

Tue, 25 Nov 2008 00:00:00 GMT

A partial holiday for a tax on empty properties has been criticised by business amid furious campaigning against the imposition of business rates for unoccupied buildings...

Darling defends tax and borrowing plans

Tue, 25 Nov 2008 00:00:00 GMT

LONDON (Reuters) - Chancellor Alistair Darling defended plans on Tuesday to borrow billions of pounds to help the country out of recession as opposition Conservatives said people earning more than 19,000 pounds would end up paying more tax...

King Urges Bank Lending Return

Tue, 25 Nov 2008 00:00:00 GMT

Alistair Darling's £20bn budget gamble has got the backing of the Governor of the Bank of England...

UK govt urged to make commercial property rate changes in pre-budget report

Thu, 20 Nov 2008 00:00:00 GMT

The government is coming under increased pressure to abolish the empty property rates in the UK when it announces its pre-budget statement on Monday...

Sales not helped by stamp duty cut

Wed, 12 Nov 2008 00:00:00 GMT

The stamp duty holiday on house purchases, announced by government ministers with great fanfare two months ago, has failed to stimulate demand among homebuyers, the Council of Mortgage Lenders said yesterday...

Brown raises tax cut speculation

Mon, 10 Nov 2008 00:00:00 GMT

Gordon Brown says tax cuts are among things being looked at for the pre-Budget report, which is due "in the next few days"...

Stamp duty drives sales down to five a month

Tue, 23 Sep 2008 00:00:00 GMT

The number of homes being sold fell further last month owing to the government’s indecision over its position on stamp duty, according to the body that represents estate agents in the UK...

Winners and losers in stamp duty holiday

Wed, 3 Sep 2008 00:00:00 GMT

Gordon Brown’s tax holiday will benefit Bridgend but not Brighton, Plymouth but not Poole, and Darlington but not Devon, writes the Times deputy property editor Brighton seaside 1992 Judith Heywood, Deputy Property Editor, The Times - 3 September 2008 Don’t expect to see too many estate agents skipping off to work tomorrow, ready for a flurry of newly...

Home purchase tax threshold raised for one year

Tue, 2 Sep 2008 00:00:00 GMT

LONDON (Reuters) - The finance ministry said on Tuesday properties worth less than 175,000 pounds would be exempt from a home purchase tax known as stamp duty for one year from Sept 3, up from a 125,000 pound threshold now...

Stamp duty is axed below £175,000

Tue, 2 Sep 2008 00:00:00 GMT

Stamp duty is to be axed on properties costing less than £175,000 as part of measures to help the housing market...

Darling announces stamp duty change

Tue, 2 Sep 2008 00:00:00 GMT

Chancellor of the exchequer Alistair Darling has announced today that from tomorrow there will be no stamp duty levied on any home costing less than £175,000 for the next 12 months...

U.K. plan labeled ‘mere tinkering’ and ‘political sticking-plaster’

Tue, 2 Sep 2008 00:00:00 GMT

Few experts expect Prime Minister Gordon Brown’s housing stimulus package presented today to have much impact on the sliding U.K. property market. The centerpiece of the plan is a move to cut the stamp duty for properties worth less than £175,000 (about $316,000) for one year, as well as programs to aid first time buyers and...

Henderson to leave UK tax regime

Thu, 28 Aug 2008 00:00:00 GMT

UK investment fund Henderson Group says it is setting up a new Irish parent firm to cut its tax bill...

Segro blasts empty property tax

Wed, 27 Aug 2008 00:00:00 GMT

The chief executive of Segro said that the introduction of a tax on empty property had come at a 'stupid and awkward' time for the industry as it struggles in the face of a tough commercial property market...

Empty rates rules prompting demolition

Tue, 26 Aug 2008 00:00:00 GMT

Regeneration chiefs are protesting against a policy that levies tax on owners of empty commercial buildings. Since April this year, owners have had to pay full business rates on them...

UK to sign four new double taxation treaties by next year

Wed, 20 Aug 2008 00:00:00 GMT

Deals will make these destinations more attractive to British investors...

UK to sign four new double taxation treaties

Wed, 20 Aug 2008 00:00:00 GMT

The UK is to sign four new double taxation treaties next year. The government is also negotiating with several other countries to establish new information sharing agreements.

HM Revenue and Customs (HMRC) is preparing to sign new double taxation treaties with the Netherlands, Thailand, Libya and Ethiopia, reports Overseas Property Professional (OPP). The new treaties would come into effect as of March 31st 2009.

Double taxation treaties aim to help UK residents avoid being taxed in two countries when income, such as rental income, and capital gains tax arise in a foreign country. Such treaties are particularly of interest to international second home owners and companies.

"The UK has a comprehensive network of bilateral double taxation conventions and we are committed to maintaining and strengthening this network. These agreements help UK business and investors to remain competitive by providing them with a measure of certainty and stability in their tax affairs," said financial secretary Jane Kennedy.

As well as the four announced new treaties, work on tax information agreements with Brazil, Jersey, Guernsey, the Isle of Man and the British Virgin Islands is expected to be completed by the end of March 2009.

The UK has double taxation treaties with over 100 countries and the last two years have seen the HMRC sign ones with:

Slovenia
France
Macedonia
The Faroe Islands
Saudi Arabia
Moldova

Furthermore, protocols to double taxation treaties have been signed with Switzerland and New Zealand, and a tax information agreement with Bermuda.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.

Builders seek aid for first-time buyers

Mon, 18 Aug 2008 00:00:00 GMT

House builders are lobbying the government to set up a tax-free savings scheme for first-time buyers as a way of improving liquidity in the beleaguered mortgage markets...

Darling pressed to clarify stamp duty idea

Thu, 14 Aug 2008 00:00:00 GMT

Alistair Darling, the chancellor, is under renewed pressure to clarify any plans for a stamp duty holiday after a poll of estate agents showed the uncertainty was...

Empty properties tax will stifle economic recovery

Thu, 14 Aug 2008 00:00:00 GMT

A controversial tax on empty properties will hit businesses, halt development and see a wave of existing buildings demolished in the face of huge tax bills, said the BPF today. Deirdre Hipwell, Property Week - 11 August 2008 It warned today that businesses occupying commercial premises are being hit hard and taking at least 50% of the...

Industry warns over lifting stamp duty

Fri, 8 Aug 2008 00:00:00 GMT

Half-baked plans to abolish stamp duty could prove as big a disaster as the Tories' abolition of dual income mortgage tax relief for homebuyers 20 years ago - a move...

Darling accused of stamp duty 'games'

Thu, 7 Aug 2008 00:00:00 GMT

Alistair Darling was accused of playing "damaging short-term games" with the housing market yesterday after refusing to clarify whether he would suspend stamp duty in...

Darling urged to clarify stance on stamp duty

Thu, 7 Aug 2008 00:00:00 GMT

Mortgage lenders and house builders have urged the chancellor to clarify his intentions regarding stamp duty....

Will cutting Stamp Duty revitalise the UK housing market? (06 August 2008)

Wed, 6 Aug 2008 00:00:00 GMT

Property professionals welcome the move but say it should form part of a wider rescue package...

Labour rebels take on Brown over empty rates

Fri, 1 Aug 2008 00:00:00 GMT

Dennis Skinner, Jeremy Corbyn and Keith Vaz join campaign to scrap punitive property tax...

Government 'considering stamp duty changes'

Mon, 14 Jul 2008 00:00:00 GMT

The government is reportedly considering changes to the stamp duty system in a bid to boost the housing market...

Unlet space tax hits landlords

Mon, 7 Jul 2008 00:00:00 GMT

A survey indicates that landlords face an extra tax bill of £150m as a result of worsening occupancy rates after the new empty buildings tax became effective in April...

Rics offers new stamp duty blueprint

Wed, 2 Jul 2008 00:00:00 GMT

The Royal Institution of Chartered Surveyors (Rics) has proposed a series of changes to the stamp duty system to support first time buyers and make it cheaper in general for most to buy property...

Government help would give first-time buyers 'hope for the future'

Wed, 2 Jul 2008 00:00:00 GMT

The government has again been urged to provide more help for first-time buyers, encompassing not only a stamp duty holiday but also temporary tax relief on mortgage interest...

Stamp duty holiday 'would ease first-time buyer difficulties'

Tue, 1 Jul 2008 00:00:00 GMT

Suspending stamp duty would ease the affordability difficulties currently facing many first-time buyers, it has been claimed.

Rics demands stamp duty reform

Tue, 1 Jul 2008 00:00:00 GMT

The Royal Institution of Chartered Surveyors (Rics) has called on the government to create a fairer stamp duty regime for the property market...