TAX TIPS and Strategy

A fiscal U-turn without precedent!

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.

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How does the mini budget affect you?

Time to Incorporate

With the cost of borrowing increasing with further rate increases on the horizon, there has never been a better time to Incorporate your property portfolio, and transfer your properties from sole or joint ownership to a private limited company.

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Mitigation of Inheritance tax

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.

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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.

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