Autumn Statement 2022
Jeremy Hunt presented his Autumn Statement on 17th Nov 2022, and if there was any doubt UK are in severe recession.
A fiscal U-turn without precedent!
Over the last few days, we have seen a gradual dismantling of the mini-budget of Friday 23 September 2022, along with the economic policies that Prime Minister Liz Truss based her leadership campaign on. This emergency statement effectively replaces and re-writes the mini-budget.This emergency statement effectively replaces and re-writes the mini-budget.
Could rent controls ever work in the UK?
Rent controls, once the preserve
of European cities such as Berlin,
are increasingly being discussed
in parts of the UK, but could they
really become a reality over here?
Tax Traps of Incorporation of Buy to Let Property Portfolio
Normally landlords are advised to refinance their properties as and when possible to extract as much cash out as possible and spend it on their personal leisure.
Mitigation of Inheritance tax
An investment property does not qualify for a Business Property Relief, so is added at market value on death, and Inheritance tax will be payable thereon at full market value less any charges on the investment property such as mortgages.
When is it a Good time to Incorporate a Property Portfolio
Since George Osbourne announced in his 2015 Budget of restrictions in mortgage interest relief, landlords have been racing to incorporate their property portfolios, which got the thumps up from the courts following the Ramsey Case (2013). The case itself provided the main guidance and test as to whether the landlord would qualify for Incorporation Relief. Several years forward, and whether the landlord would qualify for incorporation relief has become very subjective.
Another big win for HMRC in UURBS tax avoidance case in AD Bly v HMRC [2021] UKFTT 445
UURBS is an unapproved, unfunded retirement benefit scheme mainly used by company executives & directors, such a scheme if approved receives substantial tax benefits which includes corporation tax deferral, in a recent UKFTT case , AD Bly v HMRC (2021), the UKFTT went with the defendants which in this case were HMRC….
The Retirement Living Standards
The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.