Understanding incorporation and the various costs, benefits and tax relief available

Size: px
Start display at page:

Download "Understanding incorporation and the various costs, benefits and tax relief available"

Transcription

1 Understanding incorporation and the various costs, benefits and tax relief available Why might a landlord want to incorporate? When building a rental property portfolio, profit is often retained for reinvestment into buying more property or paying down debt. However, these profits are taxed heavily for individuals. Companies only pay 20% tax, which is scheduled to reduce to just 18% by There has even been talk of corporation tax being reduced to 15%. Companies are not affected by restrictions on finance cost relief. Most non-resident landlords pay tax on dividends from UK companies in their country of residence which can result in significantly lower income tax, sometimes none at all. This is highly dependent on the country of residence. Greater flexibility in terms of IHT planning. Liabilities are limited to the value of the company. Mortgage lenders often require personal guarantees but there are many other liabilities that are ring fenced as a result of incorporation. Ability to raise funding by adding new shareholders. Ability to make pension contributions. There are many more! Tax Consequences of Incorporation When a property portfolio is transferred to a company the CGT position is no different to selling the properties to a third party, i.e. base cost (purchase price and capitalised improvements) are deducted from the open market value of the property(ies) to establish a capital gain. This gain is then added to all other income and taxed at a rate of 18% for basic rate tax payers or 28% for higher rate tax payers. However, by claiming s162 relief CGT may be substantially reduced or removed completely. How does incorporation relief work for landlords? Incorporation relief is available under section 162 TGGA to help negate the requirement to pay CGT when converting a business to company status.

2 This relief is available to landlords contrary to some opinions that rental property is a passive investment as opposed to a business. This was tested by HMRC in court back in They lost on appeal and case law now applies. At the point of incorporation, equity in properties is converted into shares in the company. The value of those shares can be offset against the capital gain. Therefore, if equity in the property portfolio is at least equal to the capital gain there is no CGT payable. What is a rental BUSINESS? As an owner of a property rental business you remain accountable for over 180 pieces of legislation, regardless of whether you outsource. The ongoing running of your business is no less than that of directors of a company in terms of ongoing due diligence and continued professional development, all of which takes up a significant amount of time. We have listed below some of the regulations and procedures that all rental property business owners remain accountable for as follows:- Considering rent offers made by tenants sourced through agents Tenant selection decisions based on referencing organised through agents Checking to ensure that agents have organised the purchase of Rent Guarantee insurance on our behalf Organising re-quoting and/or renewal of buildings, contents and landlords liability insurance Checking that tenants deposits are registered and that prescribed information has been correctly served by our agents Checking that prescribed information in respect of tenancy deposits is re-issued by agents when fixed term tenancies end and roll over to statutory periodic tenancies Checking that annual Gas Safety checks have been organised by agents and that certificates have been issued in a compliant and timely manner Checking that rents are paid as due by agents and that accountants are notified accordingly Liaising with agents and legal advisers over rent arrears and any other breaches of tenancy Liaising with insurers over claims Paying ground rents and service charges in a timely manner Considering accounts and minutes prepared by freehold management companies and liaising accordingly Liaising with agents over maintenance issues reported by tenants Sourcing/paying for items needing to be replaced Checking that EPC certificates are up to date

3 Keeping up to date with selective licensing arrangements being introduced by various Councils Reviewing check in/out inventories produced by agents Dealing with deposit refunds Dealing with ADR in respect of tenancy deposit disputes Reviewing market rents Continued professional development through reading news, forums, industry websites and attending expo s and landlord meetings Liaising with accountants in respect of tax returns and other accounting matters Daily bank reconciliation Regular reviews of the mortgage market for optimal lending terms The relevant case law relating to what constitutes a property 'business' is HMRC vs Ramsay. Much has been made of this case by overly cautious accountants who assume that because HMRC accepted that Mrs Ramsay spent 20 hours a week managing her block of 10 flats this is some sort of benchmark. The matter is of course subjective because HMRC lost their case and Mrs Ramsay was indeed entitled to claim incorporation tax relief. No similar cases have occurred since. Naturally, the more properties involved in your rental property business. What about Stamp duty? Formal partnerships can be exempt from paying Stamp Duty on incorporation under schedule 15 of The Finance Act There are anti-avoidance rules to watch out for though so if you're a sole owner at the moment it's not quite as simple as forming a partnership one day and incorporating the next. For sole traders, optimal costs can be achieved by restructuring in three steps over a period of three years. Step one - two choices 1. Immediately transfer any percentage of the beneficial ownership in your property rental business to your spouse via a Declaration of Trust. There is no requirement to change legal ownership at HM Land registry or to disturb your existing mortgage arrangements... OR, if you are not married or don't wish to involve your spouse Immediately transfer 1% of beneficial ownership to somebody else (children, sibling, best friend etc.) and pay CGT on that 1% share plus SDLT on 1% of the value of the mortgage balances. As above, there is no requirement to change legal ownership at HM Land registry or to disturb your existing mortgage arrangements.

4 Step two Obtain an HMRC partnership "Unique Tax reference" number and submit partnership tax returns for the next three years. Step three - if you've been a partnership for more than three years already you're good to go now Transfer 100% of beneficial ownership of the partnership to new company and claim s162 incorporation relief to mitigate CGT and SDLT relief under FA 2003 section 15 land and buildings. Use a beneficial interest company trust to avoid costs of refinancing. What about the cost of refinancing? This can be avoided by using a Beneficial Interest Company Trust. This form of trust is not a legal entity such as a company. It is a paper declaration which describes the entity receiving the benefit of assets. You may wish to think of it in terms of being similar to a V5 certificate from DVLA confirming the registered keeper of a vehicle, which may or may not be the legal owner. A beneficial interest company trust transfers 100% of the beneficial interest (income and capital gain) in the property rental business to a company. This involves no change of legal ownership so far as HM Land Registry is concerned. The consequence is that existing mortgages can remain in place without affecting the mortgage lenders rights. The trust deed empowers the company to be able to call upon the legal owner(s) (settlor) of the trust to sell the property at any time and transfer 100% of the net sale proceeds to the company. In reality the persons controlling the company are the same as the legal owners of the properties, hence there should never be a conflict. Due to the structure of the trust deed, the legal owners of the property rental business now stand as bare trustees, i.e. they only hold the legal title in name but don't own any share of the rental profits or capital gains. The settlor is still legally responsible for the mortgage arrangements; hence the question is raised; how does the settlor receive the money to pay the mortgage interest? Again, this is dealt with in the trust deed. Without affecting any of the legal rights of the mortgage company, the trust deed makes the company a party to the mortgage liability, and hence responsible for servicing the contracts.

5 The structure allows the settlor of the trust (the legal owners/borrowers) to continue to make the mortgage payments and claim them back from the company as expenses. The outcome is that the entirety of the business sits on the balance sheet of the company and all income and expenses associated with the property portfolio accrue to the beneficial interest company. HMRC have the right to treat payment of the mortgage as income arising to the settlor of the trust. However, the settlor of the trust (as bare trustees) would only be responsible for the flat 20% tax rate payable by trustees, hence a zero-tax liability based on the ability to claim 20% tax relief on the mortgage interest. Please note that a beneficial interest company trust is very different to a typical declaration of trust used by residential conveyancers to protect the interests of family members who contribute to a property transaction. Further opportunities for tax planning at the point of incorporation Where equity in a portfolio is greater than the capital gain a further tax planning opportunity exists. This is achieved by increasing the amount of finance to the base cost of the property portfolio (original purchase price plus capitalised improvements) prior to incorporation. Here s an example:- Base costs of property portfolio = 3,000,000 Current value = 5,000,000 Current mortgages = 2,000,000 In this scenario the landlord could increase business debt to 3,000,000 and put 1,000,000 in the bank. The landlord then incorporates and offsets the 2 million of shares against the 2 million of capital gains. The company then reduces mortgage debt back to 2 million. The net result is that the company now owes the landlord 1,000,000. Repayment of a loan from company to landlord incurs no income tax. Therefore, the landlord can now withdraw the next 1,000,000 of profits from the company in the form of a loan repayment without incurring any additional income tax liability.

6 There is no need to remortgage or take further advances prior to incorporation to achieve the above. We have negotiated short term tax planning loan facilities with a private financier exclusively for tax planning clients of Property118. Mark Alexander - founder of Property118.com Private Consultations We are so confident we can point you towards the optimal structure for your rental property business that we are offering a no risk consultation. The price is just 400 inclusive of VAT and if you are not totally satisfied within 30 days we will refund you in full. The service we offer includes:- 1. one to one consultation (telephone and based) 2. a bespoke illustration of how the tax changes will affect you if you do nothing 3. details of the most appropriate restructure plan for your personal circumstances together with an illustration of your tax savings 4. obtaining quotes for implementation of the restructure strategy we recommend for you and referring you to the most appropriate members of our professional adviser panel to complete matters. To book a Private Consultation please...

Contents. About Arthur Weller What Expenses Can I Offset Against Rental Income? Switch Property With Your Spouse...

Contents. About Arthur Weller What Expenses Can I Offset Against Rental Income? Switch Property With Your Spouse... Contents About Arthur Weller... 13 INCOME TAX 1. What Expenses Can I Offset Against Rental Income?... 16 2. Switch Property With Your Spouse... 16 3. Any Tax Due For Unemployed Person?... 17 4. I Am A

More information

BARNES ROFFE LLP TAX STRATEGIES FOR PROPERTY INVESTORS

BARNES ROFFE LLP TAX STRATEGIES FOR PROPERTY INVESTORS BARNES ROFFE LLP TAX STRATEGIES FOR PROPERTY INVESTORS Keith Mason / Paul Hughes 27 th September 2018 Seminar Coverage Residential Buying Renting Selling Keeping Changing Commercial Buying Renting Selling

More information

Capital Gains Tax Tackling Property Business Incorporations

Capital Gains Tax Tackling Property Business Incorporations Capital Gains Tax Tackling Property Business Incorporations Peter Rayney * FCA CTA (Fellow) TEP, Peter Rayney Tax Consulting Ltd Capital gains tax; Incorporation; Incorporation relief; Inheritance tax;

More information

Buy-to-let Tax Changes. A detailed look at how they affect you and how you can mitigate the problems

Buy-to-let Tax Changes. A detailed look at how they affect you and how you can mitigate the problems Buy-to-let Tax Changes A detailed look at how they affect you and how you can mitigate the problems Summary of buy-to-let tax changes Furnished lettings - wear and tear allowance Previously, a wear and

More information

RESIDENTIAL LANDLORDS TAX INFORMATION

RESIDENTIAL LANDLORDS TAX INFORMATION RESIDENTIAL LANDLORDS TAX INFORMATION The following notes are intended to provide a useful background for investors buying and letting individual residential properties. Independent advice, tailored to

More information

Tax Issues for landlords of UK residential properties

Tax Issues for landlords of UK residential properties Tax Issues for landlords of UK residential properties Tax changes affecting rental income from residential lettings There have been many changes to taxation affecting the property letting market recently

More information

The Chartered Tax Adviser Examination

The Chartered Tax Adviser Examination The Chartered Tax Adviser Examination November 2017 Suggested solutions Application and Interaction Question 1 - Individuals, Trusts and Estates Application and Interaction November 2017 Question 1 (Individuals,

More information

Expect more from your Tax Partner

Expect more from your Tax Partner Expect more from your Tax Partner IFA London branch meeting Tuesday 5 February 2018 IFA Tax Portal 2 Key property tax changes Caroline Fleet Gabelle SDLT First time buyers relief Conditions for relief

More information

The Chartered Tax Adviser Examination

The Chartered Tax Adviser Examination The Chartered Tax Adviser Examination Sample Paper Application and Professional Skills Owner Managed Businesses Suggested solutions REPORT TO HORATIO STILES ON 1) THE USE OF SURPLUS FUNDS STILES CONSTRUCTION

More information

A guide to... Limited Company Buy-to-Let

A guide to... Limited Company Buy-to-Let A guide to... Limited Company Buy-to-Let sales@ From April 2017, HM Treasury started phasing in changes which will eventually see landlords pay tax on the entire rental income they generate from their

More information

Landlords Buy-to-let Guide

Landlords Buy-to-let Guide Buy-to-let: the basics Why become a landlord? You may become a landlord accidentally by inheriting a house, or by retaining a former home when you move house. There is an attractive tax incentive for letting

More information

UK Residential Property Update. Accounting & Tax. trusted to deliver...

UK Residential Property Update. Accounting & Tax. trusted to deliver... UK Residential Property Update Accounting & Tax trusted to deliver... UK Residential Property Update The below provides a general overview of the key considerations for individual, trust or corporate ownership

More information

October. Doing property business in the UK

October. Doing property business in the UK October 2017 Doing property business in the UK 0 F o r w a r d This booklet has been prepared for the use of clients, partners and staff of Menzies LLP. It is designed to give some general information

More information

INFORMATION ABOUT YOUR MORTGAGE: A GUIDE TO MORTGAGES ON PROPERTIES TO BE LET

INFORMATION ABOUT YOUR MORTGAGE: A GUIDE TO MORTGAGES ON PROPERTIES TO BE LET INFORMATION ABOUT YOUR MORTGAGE: A GUIDE TO MORTGAGES ON PROPERTIES TO BE LET INTRODUCTION This guide gives details of our mortgages and is split into two parts: The first part is useful for customers

More information

Annual residential property tax and capital gains tax rules for non-natural persons

Annual residential property tax and capital gains tax rules for non-natural persons Annual residential property tax and capital gains tax rules for non-natural persons STEP is the worldwide professional association for practitioners dealing with family inheritance and succession planning.

More information

Tax and Property. Information for a changing world. RMT guides

Tax and Property. Information for a changing world.   RMT guides RMT guides Tax and Property Information for a changing world. www.r-m-t.co.uk your guide to Tax and Property Previous booms in the housing market served to boost the popularity of investing in property.

More information

CHAPTER 25 LAND AND BUILDINGS OPTION TO TAX

CHAPTER 25 LAND AND BUILDINGS OPTION TO TAX CHAPTER 25 LAND AND BUILDINGS OPTION TO TAX This chapter looks at a planning point whenever land or a commercial building is supplied as an exempt supply. 25.1 Introduction Exempt supplies of land and

More information

KEY GUIDE. Taxation of property

KEY GUIDE. Taxation of property KEY GUIDE Taxation of property Becoming a landlord Becoming a landlord is an attractive proposition for anyone who can raise a deposit, thanks to a prolonged period of low borrowing costs and generally

More information

247 Property Tax Questions Answered. Arthur Weller

247 Property Tax Questions Answered. Arthur Weller 247 Property Tax Questions Answered By Arthur Weller Publisher Details This guide is published by Tax Portal Ltd. 3 Sanderson Close, Great Sankey, Warrington, Cheshire, WA5 3LN. 247 Property Tax Questions

More information

mortgages Helping Landlords - The Mansfield s guide to Buy to Let mortgages

mortgages Helping Landlords - The Mansfield s guide to Buy to Let mortgages mortgages Helping Landlords - The Mansfield s guide to Buy to Let mortgages Helping Landlords - The Mansfield s guide to Buy to Let mortgages If you re considering becoming a buy to let landlord or looking

More information

RESIDENTIAL PROPERTY AND DIVIDEND CHANGES. Robert Jamieson MA FCA CTA (Fellow) TEP 22 September 2016

RESIDENTIAL PROPERTY AND DIVIDEND CHANGES. Robert Jamieson MA FCA CTA (Fellow) TEP 22 September 2016 RESIDENTIAL PROPERTY AND DIVIDEND CHANGES Robert Jamieson MA FCA CTA (Fellow) TEP 22 September 2016 BUY-TO-LET TAX CHANGES At present, full income tax relief is normally available for interest on loan

More information

The taxation of UK residential property: changes and proposals

The taxation of UK residential property: changes and proposals The taxation of UK residential property: changes and proposals Surprise measures to increase the scope of certain taxes on higher value residential property acquired by and/or held through corporate envelopes

More information

Plenary 3 CGT Update and Property Structuring

Plenary 3 CGT Update and Property Structuring Plenary 3 CGT Update and Property Structuring John Barnett CTA (Fellow) TEP Partner, Burges Salmon Topics CGT Update Residential Property Structures ATED, SDLT, CGT and IHT Conventional UK planning for

More information

Buy to Let Lending Criteria

Buy to Let Lending Criteria Buy to Let Lending Criteria 13th December 2018 Standard (Individual) Limited Company (SPV) HMOs and MUBs (Multi Unit Block) The Loan Legal Charge Loan Purpose Repayment Methods Mortgage Term Loan Size

More information

Tel: E. Stamp Duty Land Tax ("SDLT")

Tel: E.  Stamp Duty Land Tax (SDLT) Tel: 0114 218 4000 E. info@tayloremmet.co.uk www.tayloremmet.co.uk Stamp Duty Land Tax ("SDLT") This is a complicated subject, but MUST be addressed by every property purchaser. If you give us incorrect

More information

The Chartered Tax Adviser Examination

The Chartered Tax Adviser Examination The Chartered Tax Adviser Examination November 2016 Suggested solutions Application and Interaction QUESTION 3 - TAXATION OF OWNER MANAGED BUSINESSES REPORT ADDRESSING ISSUES RAISED AND ARISING FROM THE

More information

Introduction. Types of income

Introduction. Types of income Income tax basics Introduction Income tax is a tax on income. If something is not income, it cannot be charged to income tax, although it may be liable to some other tax. It is possible that it could be

More information

Information for mortgage customers. Mortgages

Information for mortgage customers. Mortgages Information for mortgage customers. Mortgages Hello. This is your guide to TSB mortgages. This guide provides lots of information about our mortgages. Some of it is relevant to everyone but some of it

More information

Taxation of property FINANCIAL

Taxation of property FINANCIAL Taxation of property FINANCIAL Becoming a landlord You may have been lucky enough to inherit rental property or be in the position to purchase property outright. However, buying-to-let is the usual way

More information

A form issued by the Help to Buy Agent, authorising you to proceed with the purchase of a home through the Help to Buy Equity Loan scheme.

A form issued by the Help to Buy Agent, authorising you to proceed with the purchase of a home through the Help to Buy Equity Loan scheme. Jargon Buster Annual percentage rate (APR) The total cost of a loan including all costs, interest charges and arrangement fees which are shown as a percentage rate and easily comparable with mortgage interest

More information

Taxing UK residential property. Presentation to the STEP conferences, Autumn 2017

Taxing UK residential property. Presentation to the STEP conferences, Autumn 2017 Taxing UK residential property Presentation to the STEP conferences, Autumn 2017 OWNING A RESIDENTIAL PROPERTY WHICH TAXES? SDLT Income Tax Capital Gains Tax/Non-resident capital gains tax ATED and ATED-related

More information

Mortgage advice you can depend on

Mortgage advice you can depend on Mortgage advice you can depend on Whether buying your first home, buying to let, or remortgaging it s a big commitment. This guide aims to help you understand what you need to think about making you feel

More information

Equity Release Lifetime Mortgages. Making your property work for you in retirement

Equity Release Lifetime Mortgages. Making your property work for you in retirement Equity Release Lifetime Mortgages Making your property work for you in retirement Contents 03 Getting more out of your retirement 04 What is a lifetime mortgage? 05 Some things to consider 08 Alternatives

More information

Information for Solicitors

Information for Solicitors Information for Solicitors for commercial property transactions by the SSAS s www.ebspensions.co.uk Information for Solicitors You should also refer to EBS Pensions Limited s (EBS s) notes Commercial Property

More information

How commercial property is taxed

How commercial property is taxed How commercial property is taxed Pay attention to the tax rules before you dip your toe into the commercial property pool Commercial property forms a vital part of the UK economy, providing places for

More information

RESIDENTIAL INVESTORS & LANDLORDS TAX INFORMATION

RESIDENTIAL INVESTORS & LANDLORDS TAX INFORMATION RESIDENTIAL INVESTORS & LANDLORDS TAX INFORMATION The following notes are intended to provide a useful background for investors buying and letting individual residential properties. Independent advice,

More information

3.5.1 Who is affected? Who is not affected? What property finance costs are caught by the new rules?

3.5.1 Who is affected? Who is not affected? What property finance costs are caught by the new rules? Contents 1 Introduction... 1 2 Is it property investment or property trading?... 2 2.1 Introduction... 2 2.2 What is the difference in tax treatment?... 2 2.3 Factors that indicate you are trading... 4

More information

A guide to your second charge mortgage

A guide to your second charge mortgage Second charge mortgages DECEMBER 2016 A guide to your second charge mortgage Mortgage terms and conditions Introduction This booklet contains the second charge mortgage terms and conditions for Paragon

More information

Property guide. This document is applicable to both BW SIPP and Flexible SIPP products

Property guide. This document is applicable to both BW SIPP and Flexible SIPP products Property guide This document is applicable to both BW SIPP and Flexible SIPP products Contents 3 Introduction 4 Factors to consider 9 Costs 11 Funding the purchase 13 Your SIPP Solicitor 14 Glossary Barnett

More information

Farming Through A Company

Farming Through A Company Farming Through A Company Kevin Connolly Financial Management Specialist kevin.connolly@teagasc.ie [Updated January 2018] A company is.. A separate legal entity The company becomes the famer Business profits

More information

LMS & Optima Legal - ADDITIONAL CHARGES FEES WHICH CUSTOMERS MAY NEED TO PAY

LMS & Optima Legal - ADDITIONAL CHARGES FEES WHICH CUSTOMERS MAY NEED TO PAY For Residential or Buy To Let Remortgages, Remortgages with HOL and Unencumbered HOL, the bank pays the following standard legal fees: - legal processing fee - search and land registry fees - telegraphic

More information

Useful information for shared ownership Buyer

Useful information for shared ownership Buyer Useful information for shared ownership Buyer Over years of dealing with shared ownership purchases below are a few of the questions we have found clients ask on a regular basis. This information sheet

More information

Hafod Housing Association A Guide to Homebuy. A Guide For First Time Buyers

Hafod Housing Association A Guide to Homebuy. A Guide For First Time Buyers Hafod Housing Association A Guide to Homebuy A Guide For First Time Buyers Hafod Housing Association Limited is authorised and regulated by the Financial Conduct Authority April 2014 1 What is Homebuy?

More information

Further advance guide

Further advance guide Buy-to-let mortgages 8 JANUARY 2018 Further advance guide Portfolio As further advances will be subject to an affordability assessment based on total loans advanced, please call us to discuss whether a

More information

SCOTTISH WIDOWS BANK MORTGAGE CONDITIONS 2017

SCOTTISH WIDOWS BANK MORTGAGE CONDITIONS 2017 SCOTTISH WIDOWS BANK MORTGAGE CONDITIONS 2017 PLEASE READ WE KNOW THAT HAVING TO READ A LEGAL CONTRACT CAN BE OFF PUTTING, SO WE HAVE DECIDED TO DO THINGS DIFFERENTLY. THIS BOOKLET CONTAINS: A brief explanation

More information

Offshore companies owning UK residential property

Offshore companies owning UK residential property Offshore companies owning UK residential property New UK tax considerations in 2018 Introduction There has been a long history of acquisition of UK residential property via offshore companies by non-uk

More information

KEY GUIDE. Taxation of property

KEY GUIDE. Taxation of property KEY GUIDE Taxation of property The attraction of buy-to-let Buy-to-let has been an attractive proposition over recent years for anyone who has been able to raise the necessary deposit. Given a prolonged

More information

Property Issues: Avoiding the Pitfalls

Property Issues: Avoiding the Pitfalls 86 Property Issues: Avoiding the Pitfalls Introduction Property Issues: Avoiding the Pitfalls Mary Gara Partner, Gara Ryan Although the Irish obsession with property investment may have waned over the

More information

Summary of UK tax changes coming into force from 6 April 2017

Summary of UK tax changes coming into force from 6 April 2017 Summary of UK tax changes coming into force from 6 April 2017 In the Summer Budget 2015 it was announced that there would be significant changes to the way those who were not domiciled in the UK and living

More information

CHAPTER 1 INTRODUCTION TO TRUSTS

CHAPTER 1 INTRODUCTION TO TRUSTS CHAPTER 1 INTRODUCTION TO TRUSTS In this chapter you will look at the definition of a trust covering in particular: What a trust is; What the terms settlor, trustee and beneficiary mean; The reasons for

More information

Supplemental instructions and guidance notes to solicitors

Supplemental instructions and guidance notes to solicitors Buy-to-let mortgages JULY 2017 Supplemental instructions and guidance notes to solicitors England and Wales 0345 849 4040 0345 849 4041 btlenquiries@paragonbank.co.uk www.paragonbank.co.uk General You

More information

Aligning the tax treatment of Islamic finance and conventional finance Submission by the Chartered Institute of Taxation

Aligning the tax treatment of Islamic finance and conventional finance Submission by the Chartered Institute of Taxation Aligning the tax treatment of Islamic finance and conventional finance Submission by the Chartered Institute of Taxation 1 Introduction 1.1 Successive governments have supported and legislated for a level

More information

accrued interest - interest that you have earned or incurred which is yet to be paid or charged to your account

accrued interest - interest that you have earned or incurred which is yet to be paid or charged to your account accrued interest - interest that you have earned or incurred which is yet to be paid or charged to your account additional payments - extra loan repayments paid to the loan above the minimum repayment

More information

GUIDE TO OUR MORTGAGE & PROTECTION SERVICES. Affordable and sustainable solutions designed for you

GUIDE TO OUR MORTGAGE & PROTECTION SERVICES. Affordable and sustainable solutions designed for you GUIDE TO OUR MORTGAGE & PROTECTION SERVICES Affordable and sustainable solutions designed for you 2 GUIDE TO OUR MORTGAGE & PROTECTION SERVICES Contents Intrinsic shares our values and beliefs about being

More information

Safe as houses. A guide to investing in residential property

Safe as houses. A guide to investing in residential property Safe as houses A guide to investing in residential property Audit / Tax / Advisory Smart decisions. Lasting value. Property investment The old saying an Englishman s home is his castle has been around

More information

Year end tax planning guide 2017/2018

Year end tax planning guide 2017/2018 Year end tax planning guide 2017/2018 At Handelsbanken Wealth Management we make every effort to advise clients on sensible and appropriate ways to reduce or defer their tax burden in a straight forward

More information

PROPERTY INVESTMENT - BUY TO LET

PROPERTY INVESTMENT - BUY TO LET PROPERTY INVESTMENT - BUY TO LET Property Investment - Buy to Let In recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as a means

More information

Mortgage advice you can depend on

Mortgage advice you can depend on Help to Buy Mortgage advice you can depend on Whether buying your first home, or a homeowner looking to move, Help to Buy schemes help people take steps to buy a home. This guide aims to help you feel

More information

Schedule of Fees and Services. Annual fee overview. The Talbot and Muir SIPP Schedule of Fees and Services 1 / 8

Schedule of Fees and Services. Annual fee overview. The Talbot and Muir SIPP Schedule of Fees and Services 1 / 8 Schedule of Fees and Services This document helps you understand the fees for establishing and administering The Talbot and Muir SIPP (T&M SIPP). It also provides you with a comprehensive guide to all

More information

Introduction. lifetime mortgages Terms and Conditions. Thank you for choosing a Just lifetime mortgage.

Introduction. lifetime mortgages Terms and Conditions. Thank you for choosing a Just lifetime mortgage. 2017 Edition lifetime mortgages Terms and Conditions Just is a trading name of Just Retirement Money Limited. Where you see Just in this form, this means Just Retirement Money Limited. Introduction Thank

More information

Buying a resale property

Buying a resale property We can help with Buying a resale property www.familymosaicsales.co.uk WE CAN HELP WITH BUYING A RESALE PROPERTY www.familymosaicsales.co.uk PAGE 1 Contents Buying a resale property 3 Why buy through a

More information

Private Client: Legal Fees

Private Client: Legal Fees Mon Fri: 8.30am 7pm Private Client: Legal Fees Accessible & Transparent Services with Clear Prices Accessible Law: Private Client For more information on Private Client, please contact us: We Don't Hide

More information

Arrears Prevention and Recovery Policy

Arrears Prevention and Recovery Policy Arrears Prevention and Recovery Policy 2016-2017 Policy Reference: Policy/HM011 Issue 2.0 Approved by: Senior Management Team Date approved: 01/04/2016 A Scope and Objectives The objective of this policy

More information

Property Investment Buy to Let

Property Investment Buy to Let Property Investment Buy to Let Property Investment - Buy to Let In recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as a means

More information

Buy to Let. The impact of tax & other events. By David Whittaker, Managing Director April 2016

Buy to Let. The impact of tax & other events. By David Whittaker, Managing Director April 2016 Buy to Let The impact of tax & other events By David Whittaker, Managing Director April 2016 George Osborne s Recent Activities Summer Budget 2015 8 th July Loss of wear & tear allowance, wef. 5 April

More information

Buy-to-let Landlords

Buy-to-let Landlords Buy-to-let Landlords This guide examines the tax issues affecting landlords of residential property. The positions of both individual and corporate landlords are considered, as the tax costs and deductions

More information

Tax Planning for the New Tax Year 5th April 2015

Tax Planning for the New Tax Year 5th April 2015 ROBINSONS Chartered Accountants 5 Underwood Street, London N1 7LY Tel: Email: Website: 020 7684 0707 Follow us on Twitter: @robinsonslondon Tax Planning for the New Tax Year 5th April 2015 (Your guide

More information

Income Tax. Income Tax allowances Personal Allowance (1) 7,475 8,105 N/A

Income Tax. Income Tax allowances Personal Allowance (1) 7,475 8,105 N/A Income Tax Income Tax allowances table Income Tax allowances 2011-12 2012-13 2013-14 Personal Allowance (1) 7,475 8,105 N/A Personal Allowance for people born after 5 April 1948 (1) N/A N/A 9,440 Income

More information

For Adviser use only Not approved for use with clients. Estate Planning

For Adviser use only Not approved for use with clients. Estate Planning For Adviser use only Not approved for use with clients Adviser Guide Estate Planning Contents Inheritance tax: Facts and figures 4 Summary of IHT rules 5 Choosing a trust 8 Prudence Inheritance Bond (Discounted

More information

INFORMATION ABOUT YOUR MORTGAGE.

INFORMATION ABOUT YOUR MORTGAGE. INFORMATION ABOUT YOUR MORTGAGE. WELCOME TO YOUR GUIDE TO HALIFAX MORTGAGES. Please read this booklet alongside your mortgage conditions and offer letter. It explains our most often used policies and procedures.

More information

AF1/J02 Part 4: Taxation of Trusts (1)

AF1/J02 Part 4: Taxation of Trusts (1) AF1/J02 Part 4: Taxation of Trusts (1) The next three parts will cover the taxation of trusts. Since it is a complex subject each tax, income, capital gains and inheritance tax will be dealt with separately.

More information

THE FORESIGHT GUIDE: INHERITANCE TAX 2018/19

THE FORESIGHT GUIDE: INHERITANCE TAX 2018/19 THE FORESIGHT GUIDE: INHERITANCE TAX 2018/19 The Basics The number of individuals caught by Inheritance Tax (IHT) is at an all-time high with 5.2bn received by HM Revenue & Customers (HMRC) in 2017/18

More information

Buy-to-Let Product Guide

Buy-to-Let Product Guide Buy-to-Let Product Guide Why choose Magellan Homeloans: No credit scoring - human decision making Variable rates with no ERCs 2 & rates CCJs, Defaults, Arrears, and historic DMPs considered Online case

More information

Guidelines for buying and selling a business or company

Guidelines for buying and selling a business or company Guidelines for buying and selling a business or company Introduction This section covers the main tax issues that arise when buying or selling a business owned by a sole trader, a partnership or a company.

More information

Guide to Development Works

Guide to Development Works Self-Invested Personal Pension SIPP Guide to Development Works www.investaccpensions.co.uk Guide to Development Works Development of a commercial property within a SIPP is possible in certain circumstances,

More information

Topic 5 Sources of Finance. N5 Business Management

Topic 5 Sources of Finance. N5 Business Management Topic 5 Sources of Finance N5 Business Management 1 Learning Intentions / Success Criteria Learning Intentions Sources of finance Success Criteria By end of this topic you will be able to describe: sources

More information

Information about your mortgage. Mortgages

Information about your mortgage. Mortgages Information about your mortgage. Mortgages Hello. This is your guide to TSB mortgages. Please read this booklet alongside your mortgage conditions and offer letter. It explains our most frequently used

More information

Buy-to-Let Product Guide

Buy-to-Let Product Guide Buy-to-Let Product Guide Why choose Magellan Homeloans: No credit scoring - human decision making Variable rates with no ERCs 2 & rates CCJs, Defaults, Arrears, and historic DMPs considered Online case

More information

Help to Buy Buyers Guide

Help to Buy Buyers Guide Help to Buy Buyers Guide Homes England http://www.homesengland.gov.uk/helptobuy Page 1 of 29 Contents Key information... 3 What is Help to Buy?... 4 Help to Buy overview... 5 How does it work?... 6 Who

More information

Married Single Separated Divorced Widowed Living together. Property owner Council tenant Private tenant Living with parents/relatives

Married Single Separated Divorced Widowed Living together. Property owner Council tenant Private tenant Living with parents/relatives Head Office 8 Wellington Street Luton Bedfordshire, LU1 2QH Luton Tel. 01582 616263 Fax. 0870 0941773 Dunstable Tel. 01582 543680 Fax. 0870 0941774 Northampton Tel. 0845 1303635 Fax. 0870 0941775 Bedford

More information

Find out more. Calls may be recorded. Minicom and Saturday 9am-1pm. Lines open Monday to Friday 8am-6pm.

Find out more. Calls may be recorded. Minicom and Saturday 9am-1pm. Lines open Monday to Friday 8am-6pm. The Royal Bank of Scotland plc. Registered in Scotland. No. 83026. Registered Office: 36 St Andrew Square, Edinburgh EH2 2YB. RBS EAS001 30 April 2018 Find out more Discover how the Royal Bank Estate Administration

More information

A guide to inheritance tax (IHT)

A guide to inheritance tax (IHT) Technical Services A guide to inheritance tax (IHT) 20I7/20I8 For professional advisers only Contents What is inheritance tax? 4 The tax liability 4 Will you have an inheritance tax bill? 6 How to mitigate

More information

ITC PROPERTYLINE APPLICATION PACK.

ITC PROPERTYLINE APPLICATION PACK. ITC PROPERTYLINE APPLICATION PACK www.independent-trustee.com Application Form BLOCK CAPITALS PLEASE It is essential that you complete all boxes, using n/a if not applicable. This form must be read in

More information

Your guide to Investment property tax

Your guide to Investment property tax Your guide to Investment property tax 2018 19 chartered accountants www.wardwilliams.co.uk Rental Business Whether you hold commercial or private investment properties, Ward Williams can assist you with

More information

PORTFOLIO INVESTMENT ENTITY

PORTFOLIO INVESTMENT ENTITY IR860 March 2018 PORTFOLIO INVESTMENT ENTITY A guide for PIEs www.ird.govt.nz 2 www.ird.govt.nz Go to our website for information and to use our services and tools. Log in or register for myir to manage

More information

Rent-A-Room Relief. ITCTCGT Part

Rent-A-Room Relief. ITCTCGT Part Rent-A-Room Relief ITCTCGT Part 07-01-32 This document should be read in conjunction with section 216A Taxes Consolidation Act 1997 Document last updated August 2017 Table of Contents 1.Introduction...3

More information

Annual Tax on Enveloped Dwellings - the basics

Annual Tax on Enveloped Dwellings - the basics HM Revenue&Customs: Annual Residential Property Tax - the basics 1 Annual Tax on Enveloped Dwellings - the basics Previously called Annual Residential Property Tax, the Annual Tax on Enveloped Dwellings

More information

Property Investment Buy To Let

Property Investment Buy To Let Property Investment Buy To Let www.baldwinsaccountants.co.uk I t: 0845 894 8966 I e: info@baldwinandco.co.uk In recent years, the stock market has had its ups and downs. Add to this the serious loss of

More information

TAX PLANNING CHECKLIST FOR YEAR END

TAX PLANNING CHECKLIST FOR YEAR END TAX PLANNING CHECKLIST FOR YEAR END 2019 INTRODUCTION As the end of another tax year approaches, now is a good time to consider your financial position and check whether you have taken full advantage of

More information

Mortgage Terms and Conditions (T&Cs)

Mortgage Terms and Conditions (T&Cs) Mortgage Terms and Conditions (T&Cs) Banking with Atom is straightforward, so we ve split our T&Cs into three manageable chunks: General T&Cs; Product T&Cs; and product specific documents, based on the

More information

Mortgage Application Form

Mortgage Application Form Mortgage Application Form Product applied for Network Incentives Introducer/Advisor Fees (Society use only) Company name & address Application Fee PAID ADD TO LOAN Product Fee Valuation Fee Mortgage Account

More information

TAX BRIEFING WE KNOW NEWSLETTER AUTUMN 2017 YOU LIKE TO BE IN THE KNOW

TAX BRIEFING WE KNOW NEWSLETTER AUTUMN 2017 YOU LIKE TO BE IN THE KNOW WE KNOW YOU LIKE TO BE IN THE KNOW TAX BRIEFING NEWSLETTER AUTUMN 2017 This newsletter is written for the general interest of our clients and is not a substitute for consulting the relevant legislation

More information

MORTGAGES. TSB Mortgage Conditions 2013

MORTGAGES. TSB Mortgage Conditions 2013 MORTGAGES TSB Mortgage Conditions 2013 TSB Mortgage Conditions 2013 Please read! We know that having to read a legal contract can be off putting, so we ve decided to do things differently. This booklet

More information

Standard Mortgage Terms and Conditions. May 2018 Edition

Standard Mortgage Terms and Conditions. May 2018 Edition Standard Mortgage Terms and Conditions May 2018 Edition Terms and Conditions Mortgages Contents Introduction 03 Definitions 04 Interpretation and application 05 Acting in joint names 05 Withdrawal of offer

More information

BLICK ROTHENBERG UK reporting obligations and UK Taxation of offshore structures

BLICK ROTHENBERG UK reporting obligations and UK Taxation of offshore structures BLICK ROTHENBERG UK reporting obligations and UK Taxation of offshore structures 1. Introduction 2. Headline changes to UK tax 3. IHT Trip Wires for Trustees 4. Touch points for UK reporting 5. UK register

More information

NLA membership helps landlords achieve business success by providing a wide range of information, advice and services.

NLA membership helps landlords achieve business success by providing a wide range of information, advice and services. NLA 2016 Autumn Statement Submission October 2016 About the NLA The National Landlords Association (NLA) is the UK s leading organisation for private-residential landlords. We work with 70,000 landlords

More information

DATA CAPTURE FORM INTERMEDIARY DETAILS. This is a data capture form only all applications must be made using our Online Mortgage Application Service

DATA CAPTURE FORM INTERMEDIARY DETAILS. This is a data capture form only all applications must be made using our Online Mortgage Application Service This is a data capture form only all applications must be made using our Online Mortgage Application Service NB The order of questions on this form follows the data capture order in our online portal INTERMEDIARY

More information

Staircasing A guide to buying additional shares for Leaseholders 100 % 75 % 50 % 25 %

Staircasing A guide to buying additional shares for Leaseholders 100 % 75 % 50 % 25 % Staircasing A guide to buying additional shares for Leaseholders 100 % 75 % 50 % 25 % What is staircasing? Buying a Shared Ownership property is a great way of getting your foot on the property ladder,

More information

A guide to your mortgage

A guide to your mortgage A guide to your mortgage Residential mortgages PAGE 1 OF 40 A straightforward guide to your new Paragon mortgage This guide takes you through what happens when you purchase a new home and take out a mortgage

More information

BY-PASS TRUST FOR USE WITH DEATH BENEFITS UNDER A LONDON & COLONIAL SIPP CLIENT GUIDE (April 2011)

BY-PASS TRUST FOR USE WITH DEATH BENEFITS UNDER A LONDON & COLONIAL SIPP CLIENT GUIDE (April 2011) CONTENTS BY-PASS TRUST FOR USE WITH DEATH BENEFITS UNDER A LONDON & COLONIAL SIPP CLIENT GUIDE (April 2011) 1. INTRODUCTION SIPPs AND INHERITANCE TAX 2. DEATH BENEFITS THAT CAN BE PAID UNDER THE LONDON

More information