B4: Tax on developments
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1 Supporting Older People Conference B4: Tax on developments Speakers: Kathryn Mallett Senior Tax Manager, KPMG John Rippon Senior Manager, Indirect Tax, KPMG Chair: Andy Howarth Finance Director, Worcester Community Housing
2 NHF Finance Conference Tax on developments March 2014
3 Corporation Tax
4 Charity tax exemptions Step one Is the entity a charity for tax purposes? No Charitable exemptions from tax will not apply Yes Step two What is the nature of the income/gain? Does it fall within the statutory exemptions? No Charitable exemptions from tax will not apply Yes Step three Has the income/gain been applied for charitable purposes only? No Charitable exemptions from tax will not apply Yes tax exemptions will apply 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 4
5 Using a non-charitable subsidiary company Parent (Charitable IPS, RP) 100% Undertakes nonprimary purpose trading activity Trading Company (Ltd by ordinary shares) Qualifying donations (known as corporate Gift Aid) equal to taxable profits How does this structure work? Payment made under will be tax deductible in the trading subsidiary The donation will be exempt from tax in the hands of the charitable parent 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 5
6 VAT
7 VAT on developments A walk through of some of the points to consider during a development from a VAT perspective Plans for the site Acquiring the site The build White goods Other developments 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 7
8 Plans for the site? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 8
9 Acquiring the site Is the price subject to VAT? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 9
10 Acquiring the site Are there already buildings on site? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 10
11 The build What is needed to build the scheme? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 11
12 The build What is needed Check list to build the scheme? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 12
13 White goods VAT is blocked or is it? 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 13
14 Other developments X X X Empty homes 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 14
15 Other developments Conversions 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 15
16 Stamp Duty Land Tax
17 SDLT General principles SDLT applies to any acquisition of a chargeable land interest Chargeable interest includes: Estate, interest, right or power in or over land Benefit of an obligation or condition affecting value of the land Chargeable consideration is anything in money or money s worth Liable person purchaser or tenant Certain exemptions are available RP relief charities relief group relief 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 17
18 SDLT General principles (cont.) Scope: Any acquisition of a chargeable land interest Charge: Rates of 4% on land purchases over 500,000. Chargeable consideration is anything in money or money s worth Rate of 5% but only on residential purchases over 1 million and less than 2 million Rate of 7% on residential purchases over 2 million made by individuals Rate of 15% on residential purchases over 2 million made by companies 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 18
19 SDLT - Relief for Registered Providers RP Relief 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 19
20 SDLT - Charities relief Charities Relief 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 20
21 SDLT - Group relief Group Relief 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 21
22 Exchanges Where one land transaction is entered into in consideration of another land transaction special rules apply to calculate the amount of chargeable consideration. Consideration is the greater of: Market value; or What the chargeable consideration would be under the normal rules Nomination rights are land interests, if RP has to grant nomination rights to Local Authority this is an exchange KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 22
23 Multiple Dwellings Relief for the purchase of multiple dwellings Applies where anyone is buying more than one dwelling. SDLT is calculated on the mean consideration i.e. total consideration number of dwellings Example if 10 properties of 200,000 are purchased then SDLT position: Previously 2 million x 4% = 80,000 Under new rules ( 200,000 x 1%) x 10 = 20,000 Can apply to 'off-plan' purchases of un-built properties as long as there is a contract for the land purchase and the construction. Property must be a building used or suitable for use as a dwelling, or in the process of being constructed or adapted for such use KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 23
24 Other considerations
25 Other considerations Gift aid mismatch Shared ownership Joint ventures LLPs Transfer pricing SDLT on building works 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 25
26 Development case study
27 3Entire parcel of land acquired by charity use of subsidiary DevCo Charitable entity Non-charitable entity Third party 1. OM and SH land acquired 2. Undeveloped OM land transferred to DevCo prior to any development SH land retained Charitable RP 100% Fundin g 3. Provision of development services for SH units Third party Developer Payment for development services DevCo 5. Developed OM units sold to third parties Payment for development services 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 4. Provision of development services for OM units 27
28 2014 KPMG LLP, a UK LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International Cooperative (KPMG International).
29 Supporting Older People Conference B4: Tax on developments Speakers: Kathryn Mallett Senior Tax Manager, KPMG John Rippon Senior Manager, Indirect Tax, KPMG Chair: Andy Howarth Finance Director, Worcester Community Housing
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