The final Budget before Brexit was held on Monday 29 October.
The day after we hosted a Budget webinar in which our experts Clive Relf, Private Client Tax Partner and Miranda Wood, Private Client and Trust Manager analysed the opportunities and threats arising for both individuals and businesses, as well as reviewing the top Budget headlines.
“The past is another country they don’t do things differently there”; with apologies to L P Hartley, it is clear that today’s Budget demonstrates the truth that tax policy makers wilfully fail to learn from experience. Mr Hammond has concentrated upon reverting to tax legislation that has previously been abolished.
Not so sunny Spain – owning Spanish property post-Brexit
This article is the second in a series in which we focus on property issues in our bi-monthly e-newsletter for individuals and their families, Pathfinder – personal tax and wealth (sign up here). Over the next few editions of the e-newsletter we will further explore the most common property tax issues our clients are asking us about. Whether a landlord, or simply someone looking to utilise property as an investment for their (and their family’s) future, this series will seek to advise you on your options, and prevent you from falling foul of any unforeseen tax implications!
In this article we look at the tax implications of owning Spanish property post-Brexit.
Throughout the final quarter of 2017 the financial world witnessed a rapid rise in the popularity of “cryptocurrencies” such as Bitcoin, Ethereum and Litecoin. These new decentralised electronic currencies with their instant financial transactions attracted large numbers of investors, few of whom gave much thought to the implications for their tax returns!
Stamp Duty Land Tax (SDLT) is currently payable 30 days after the ‘effective date’ of the land transaction; a land transaction return is required within the same timeframe. The ‘effective date’ for these purposes is normally completion.
We know we have asked before, but it is now getting very close to crunch time.
After the 30th September 2018, HMRC will be receiving far greater, detailed information about UK resident’s overseas income and gains from a huge list of countries around the world as part of the “Common Reporting Standard”. This isn’t the Panama Papers, or Wikileaks. These are official agreements between the majority of governments around the world in a commitment to reduce the amount of tax evasion that is estimated to be occurring worldwide.
We have become accustomed recently to predictions about interest rate rises. However with uncertainties about the health of the economy and the impacts of Brexit, it is unlikely that we will see significant increases in the near future. The hunt for a home for your capital that will generate more than a mediocre return is likely to continue.