Changes to the Annual Tax on Enveloped Dwellings

In a sleight of hand similar to fiscal drag on income tax bands, the Treasury will instantly increase 2023/24 revenue from the Annual Tax on Enveloped Dwellings (ATED). This tax is charged to Non-Natural Persons (NNPs) holding a UK dwelling - not individuals. While the changes have slipped under the radar, with little coverage, it is yet another enhanced tax burden for those impacted by the regulations.

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Trust Registration Service and property ownership

When the Trust Registration Service (TRS) was created back in 2017, there was criticism that it needed to go further. The original regulations were introduced as a consequence of the EU Anti-Money Laundering Directive. Even after Brexit, the UK authorities have agreed to maintain the TRS, which can be used with EU partners to identify potential issues.

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Residential Property Developer Tax Update

The Residential Property Development Tax (RPDT) origins can be traced back to the horrific Grenfell Tower fire of 14 June 2017. Issues found with the cladding and the building led to a UK wide review, highlighting many more buildings with similar problems. Consequently, after protracted legal wrangling, the UK government eventually agreed to cover the cost of remediating cladding issues.

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