Property taxes

Property taxes are complex. There are a multitude of matters to consider, such as what costs can be offset and how mortgage interest is relieved for income tax, how Capital Gains Tax (CGT) applies on a property sale and how IHT applies.

Buy to Lets and Furnished Holiday lets are a popular choice of investment, but for CGT there are huge considerations if the property was ever a Principal Private Residence (PPR) or a second home.

The new Stamp Duty Land Tax (SDLT) rules for second properties or properties acquired within a non-natural structure, as well as the Annual Tax on Enveloped Dwellings are a minefield for clients.

There are also further considerations for non-residents selling UK Residential Property with the Non-Resident CGT. Disposals made by such people need reporting to HM Revenue and Customs within 30 days of sale. GMP have the resources and specialist knowledge to assist you in making the correct disclosures, within the required, very short, time frame.

GMP are here to guide you, explain the implications of property ownership and the taxes arising before purchase, during ownership and after property is sold. We have the expertise to de-mystify the tax position for you and offer clarity on your affairs.

To discover more please get in touch.