HMRC nudges sellers over possible Capital Gains Tax errors HMRC is set to send out nudge letters to those who have sold residential properties, with it believed that some may owe an extra 8% in tax. The tax office says some sellers may have declared their Capital Gains Tax incorrectly, with a possible error related to whether the property was the seller’s main home […] By Lisa Brownlow, 25 January 2022
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Gove closes tax loophole on second homes Levelling Up Secretary Michael Gove has pledged to crack down on second home owners who abuse the tax system, saying measures on tax relief for holiday rents would target second home owners who pretended to let out their property but actually leave them empty. Under new rules, second home owners will only be able to […] By Lisa Brownlow, 20 January 2022
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Capital Gains Tax window for divorcing couples set to widen Divorcing couples will have more time to divide their assets without having to pay capital gains tax, a Treasury letter to the Office of Tax Simplification has revealed. While married couples and civil partners can transfer assets without having to pay any CGT, those who separate may have to pay up to 28% on some […] By Lisa Brownlow, 19 January 2022
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Tory MP calls for wealth tax on overseas owners of UK properties Conservative MP Kevin Hollinrake has suggested introducing a wealth tax on overseas owners of UK properties, arguing that the measure could be used to raise £5bn a year to help local people buy their first homes at reduced rates. Mr Hollinrake said during a Parliamentary debate that a 1% wealth tax on UK properties owned […] By Lisa Brownlow, 18 January 2022
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HMRC shuts phone lines to tackle post pile HMRC is closed phone lines for three days in December to deal with a backlog of post built up during the pandemic. VAT and corporation tax lines were closed as call centre staff are switched to mail-opening duty. This comes amid a backlog which means those who wrote to HMRC in December can expect a […] By Lisa Brownlow, 17 January 2022
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Tax rebates fuel UK film and TV boom Tax breaks fuelled a £13.5bn boost to the economy from TV and film production between 2017 and 2019, according to the British Film Institute report. The BFI says that for every £1 of relief the tax support scheme provides, it makes £8.30 for the UK economy. “There are many territories around the world that run […] By Lisa Brownlow, 13 January 2022
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