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Breaking up can be hard to do especially with no tax costs! Divorcing is complicated in itself,...
On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax.
Land and property accountants
Our specialist land and property accountants and tax advisers provide a range of compliance and advisory services to support all aspects of land-based and property transactions and activities.
Property can be a useful alternative to financial investments such as stock and shares and many people also see opportunities to make profits from the construction or development of properties either as traders or as investors. We can help you by planning land development and diversification proposals and delivering tax saving ideas.
Do you need help with property and land development?
Land and property tax planning
Tax charges on land and property transactions can be significant and complicated and, without planning, triggered unintentionally.
Some examples of how our property accountants can deliver solutions to save tax include:
- Maximising Private Residence Relief for capital gains on sale of houses
- Claiming tax relief on costs to reduce taxable income and gains
- Deferring capital gains on gifts of property by using trusts
- Arranging joint property ownership to save Income Tax on rents and Capital Gains Tax on sales
- Securing Entrepreneurs’ Relief reducing Capital Gains Tax rates on property sales to 10%
- Reviewing proposed transactions to save Stamp Duty Land Tax
- Recovering VAT incurred on purchase or construction costs
- Using companies, limited liability partnerships and joint ventures to hold property
Land development and Capital Gains Tax
Developing land for new buildings is often an attractive opportunity for landowners but the Capital Gains Tax consequences can be significant. Our property specialist accountants are experienced in dealing with such projects and can help to minimise the Capital Gains Tax.
Personal tax planning
Beyond property specific tax planning we also consider your properties when reviewing your personal finances. For example, protecting and managing the wealth invested in your properties can help balance your long-term financial goals with current and future cash needs.
When the time comes to leave your business we can help utilise tax allowances and exemptions and advise on using wills and trusts to minimise Inheritance Tax. Find out more about our Personal Tax Planning.
Contact us to discuss your land transactions and property developments.
Speak to a property accounting expert