Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property related changes are noted in this article: Presently, the last 18 months of ownership of a residential property…
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SITR, SEIS and EIS
From April 2014 a new investment relief has been created, the Social Investment Tax Relief (SITR). Investments must be in a social enterprise, which means a community interest company, a community benefit society, or a charity. The money raised must be used for the enterprise’s chosen trade or charitable purpose. In many ways SITR shares characteristics with the SEIS (Seed Continue Reading
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The end of Private Residence elections?
At present, taxpayers who own more than one property used as residences by them, can make a formal election to determine which of their properties should be considered their private residence for tax purposes. The election needs to be based on the facts – how has each property been used as a private residence - and HMRC has a right Continue Reading
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