Taxman wins fight to close property tax loophole

There was an interesting article in the Telegraph today regarding the taxman closing a property tax stamp duty loophole. This ruling is thought to boost future HMRC revenues by £160m. Heres the full article from The Telegraph. A High Court ruling has sided with the taxman over legislation introduced last year which aims to stop wealthy property buyers avoid paying tens of thousands of pounds in stamp duty. Last June the taxman moved to close a loophole on stamp duty land tax (SDLT) avoidance schemes. These schemes enable property buyers to avoid paying stamp duty, typically on homes worth seven figures. Offshore Companies There are various schemes but the most common involves transferring ownership of a property to an offshore company so that when it comes to be sold the buyer purchases the company as a whole. In doing so stamp duty can be cut from 5pc to 0.5pc on...
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Cranleys Tax Update

  News this month: With the submission of late tax returns well behind us now, we still have a couple of late returns as clients were dealing with property maintenance matters ahead of filing returns. It is important to understand penalties do not stop at 31 January 2013. Old rules changed two years ago. Many will expect a £100 fine in 3 months late of filing and will get £900, it does of course worsen beyond this. DO not get caught out. The format for my new regular piece here is a modern take to a Q&A section. I would welcome your questions, here is a selection of my life on property tax matters. Views from my inbox: Q1. A friend of mine recalls his accountant mentioned you can reduce tax by buying a business, can this apply to a property business like mine? Garry Milton Keynes? A1. Garry, yes,...
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Investing in Chinese Property

From a practical point of view, property investing in China is advisable to only be undertaken with a reputable broker or trusted contact with proven experience. Indeed, the ruling Communist party retains a monopoly power over politics, the law and the economy which needs to be well understood.
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BBQ or Simon Zutshi, how committed are you?

Simon Zutshi shared with us how he deals with motivated sellers to build rapport and how by asking great questions you can get sellers to share everything with you about the property and their situation.
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Kevin Green talks Property, Soil and Social Housing

Kevin Green is an amazing speaker. He gave us so much information about his property strategies. Read about how he made his fortune and his strategies for property investing.
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2010/11 Tax Busting Checklist

Colin Davison from Cranleys Property Tax Advisors has put together a very comprehensive 2010/11 Tax Busting Checklist. Below is his detailed section for Property and Loans. Has you accountant mentioned these points to you? You can download the full 2010/11 checklist covering all the following areas: Business Planning Business planning, especially if you have a Limited Company Employees – remember that if you are a director of your own limited company that this includes you. Benefits in Kind Personal Planning Investments Property and loans VAT Administration Property and loans 81 Consider buying your next buy-to-let property in the joint names of yourself and your spouse/civil partner as tenants-in-common. The rental income can then be divided between you according to the proportion of the property you each own, e.g. 20%: 80%, giving the lower earning partner a bigger share, so the rents may be taxed at the lower income tax rates. Yes...
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