From 1st April 2016, if you are purchasing additional residential properties in England, Wales and Northern Ireland, you will need to pay an additional 3% above the current stamp duty land tax (SDLT) residential rates. This includes second homes, holiday homes and buy-to-let properties. Freehold sales and transfers: Property or lease premium or transfer…
Day: 16 February 2016
Property Lets – Repairs and Renewals
From April 2016, the Wear and Tear Allowance for furnished properties is to be replaced by a new Replacement Furniture Relief for all landlords whichever type of property, furnished or unfurnished. The rules allow for the deduction of costs actually incurred for the replacement of furnishings. The type of items will be limited to those…
Property Let Mortgage Interest Relief
The amount of relief for finance costs (mortgage interest) on residential properties will be restricted to the basic rate of Income Tax. This will be introduced gradually from 6th April 2017. Finance costs include mortgage interest, interest on loan to buy furnishings and fees incurred when taking out or repaying mortgages or loans. Landlords will…
Changes to Working Tax Credits Claimants
From April 2015, Self Employed Working Tax Credit (WTC) claimants will need to meet new criteria. From 6th April 2015, all new claimants who are using self-employed work to meet the qualifying remunerative work test for WTC must show that they are trading on a commercial basis and their business is done with a view…
Marriage Tax Allowance
In April 2015, a marriage tax allowance was introduced. So, if you are: a) Married or have a civil partnership b) Either you or your partner have an income of £10,600 or less (this is the personal allowance and will move each year) c) Your spouse has income between £10,601 and £42,385 (ie a basic…