HMRC Tax Receipts 2022-23 – A quick breakdown and summary
Latest HMRC tax receipts show that the UK Government has collected £786.6bn in the 2022-23 fiscal year. An increase of 9.9% compared to the £715.5bn collected in tax receipts in 2021-22. £247bn was raised through Income Tax receipts, an increase of 11.9% from £220bn in 2021/22. Income Tax generates the highest proportion of tax revenue for the Treasury. […]
<strong>Stamp Duty Land Tax: Corporate Bodies</strong>
Stamp Duty Land Tax (SDLT) is charged at 15% on residential properties costing more than £500,000 bought by certain corporate bodies or ‘non-natural persons’. These include: The 15% rate does not apply to residential property bought by a company that is acting as a trustee of a settlement. These bodies may also need to pay Annual […]
A Brief summary of “Fiscal Event” delivered by the Chancellor
Here is a brief summary of today’s “Fiscal Event” delivered by the Chancellor. Business Support and Growth The Chancellor has stated that growth is not as high as it should be and “This has made it harder to pay for public services requiring taxes to rise, in turn higher taxes on capital and higher taxes on […]
Stamp Duty Land Tax – is it residential, non-residential or mixed use?
There are no two ways about it. Stamp duty land tax (SDLT) is complex. The legislation is, at best, Labyrinthine, and HMRC’s interpretation of it even more so. For property developers, given the differences in tax rates for residential property compared to non-residential or mixed use property, it’s important to understand what the phrase “residential […]
Property Developers – are you paying too much Stamp Duty Land Tax?
Friend Partnership’s tax specialist, David Gillies, explains why property developers regularly end up paying more Stamp Duty Land Tax (SDLT) than they should and how to avoid overpaying. Behind every decision to either purchase bare land for development, or existing land and buildings for redevelopment looms the spectre of the Stamp Duty Land Tax (SDLT) […]
Buy to let tax changes – minimising the impact
In the past couple of years, the Government has ‘attacked’ the buy to let market seemingly viewing it as having a harmful effect on the UK property market. As a result, many landlords are now reviewing the viability of continuing in the buy to let market. Friend Partnership examine the recent tax changes and provides […]