Budgets are normally stories of two halves. The first half contains the headline-grabbing tax policy reforms that can be encapsulated in a snappy soundbite in the Budget speech, such as “Chancellor scraps the non-dom regime”....more
3/1/2024
/ Autumn Statement ,
Compliance ,
Corporate Taxes ,
Estate Tax ,
Federal Budget ,
First Time Homebuyers ,
General Elections ,
Gift Tax ,
HMRC ,
Income Taxes ,
Revenue Growth ,
Stamp Duty Land Tax ,
Tax Incentives ,
Tax Levy ,
Tax Reform ,
UK ,
Value-Added Tax (VAT)
In contrast to recent years, when there has been plenty for real estate tax lawyers to feast on, this Autumn Statement was fairly quiet.
Full expensing -
After a prolonged period of time-limited, enhanced reliefs,...more
The Government has announced a further series of proposed changes to the UK REIT rules as part of the wider review of the UK funds regime and published draft legislation.
This third set of changes are earmarked for...more
Underneath the headline points, the Budget contained a number of measures designed to fulfil the Chancellor’s objective of encouraging growth and investment. There was broadly good news for those investing in UK real estate....more
3/20/2023
/ Budgets ,
HMRC ,
Interest Rates ,
Investment Funds ,
Real Estate Investments ,
Real Estate Market ,
REIT ,
Sovereign Wealth Funds ,
Spring Statement ,
Tax Deductions ,
Tax Rates ,
UK ,
Value-Added Tax (VAT)
The changes to the Luxembourg-UK treaty will not be effective until 2024 at the earliest because Luxembourg did not ratify the treaty changes in 2022. The delay was expected, as trailed in our earlier blog, where we explore...more
Unexpectedly, it is likely the changes to the Luxembourg-UK double tax treaty will not be effective until 2024 at the earliest. Where that is the case, some Luxembourg investors in UK property rich entities will have another...more
In an attempt to calm the markets and ensure the UK’s economic stability the new Chancellor, Jeremy Hunt, gave a statement ahead of the scheduled Medium-Term Fiscal Plan on 31 October.
He announced a reversal of almost...more
Summary -
Some key measures for businesses in this sector were:
..Cancellation of the planned increase in the rate of corporation tax from 19% to 25% from April 2023. The rate will remain at 19%.
..From November...more
The UK government is consulting on bringing overseas sovereign investors in UK real estate within the scope of UK direct tax from April 2024 as part of measures amending the scope of the sovereign immunity tax exemption. ...more
The UK and Luxembourg have renegotiated their double tax treaty. The new treaty has been published, but is not yet in force. Significant changes have been made to the capital gains tax article amongst other provisions....more
In this blog we consider the current design of the residential property developer tax (RPDT). Separately we have blogged on the triggers for liability. This blog is based on the current draft of the legislation issued on 20...more
This is likely to be a key reflection when considering the details issued in July about the new UK holding company regime for “qualifying asset holding companies” (QAHCs). The new regime is intended to make the UK more...more
After the broad brush measures taken at the start of the COVID-19 crisis, UK Chancellor, Rishi Sunak, is now targeting help for some of the hardest hit sectors of the economy and is supporting jobs in particular. In his...more
In contrast to recent years it has been a quiet Budget for real estate tax. In particular, there was no big announcement of any further levelling of the playing field between resident and non-resident investors in UK land:...more